The Bank of Russia has put forward a proposal to introduce a mandatory cooling-off period for consumer loans and microloans, aimed at countering loan fraud. The duration of this period will vary based on the loan amount. Loans up to ₽50,000 will not have a cooling-off period, while those between ₽50,000 and ₽200,000 will have a four-hour delay. For loans exceeding ₽200,000, the waiting time will be 48 hours. Mortgage and car loans (when funds are directly credited to car dealer accounts), as well as government-backed educational loans, are exempt from this requirement.
These proposals have been sent to the Russian Ministry of Finance for drafting into law. As part of these initiatives, banks will be required to scrutinize loan applications for potential fraud indicators. If a bank suspects that an applicant is under the influence of scammers, it must alert the borrower.
The regulator's measures also aim to enhance information exchange between lenders and credit history bureaus to prevent individuals from taking out multiple loans simultaneously under fraudulent circumstances. Should a financial institution issue a loan in violation of anti-fraud regulations, it would lose the right to demand repayment or charge interest and cannot transfer such loans to debt collectors.
A separate set of changes targets microfinance organizations (MFOs). These organizations may be required to ensure that borrowed funds are credited only when borrower and payee data match. If an applicant's information appears in the Bank of Russia’s database of suspicious accounts, MFOs should refuse the agreement. Access to this database is planned for these organizations.
The Bank of Russia asserts that implementing these measures will protect individuals who might unknowingly apply for loans under fraudulent influence and subsequently hand over received funds. The regulator intends to continue refining rules for financial institutions to address this issue effectively.