Bank of Russia enacts new rules for consumer credit cooperatives

New regulations aimed at improving the transparency of consumer credit cooperatives (CCCs) for their members have come into effect. These amendments to the Federal Law 'On Credit Cooperation' became effective on February 5, 2025.

Previously, the Bank of Russia maintained the register of CCCs using data from the Unified State Register of Legal Entities. Under the new rules, information will only be added to the register after a self-regulatory organization in the financial market or the Bank of Russia has reviewed a CCC's documents, depending on its level.

The regulator has set procedures for maintaining this register and submitting documents for data entry. Furthermore, an organization's management will be evaluated based on qualification and business reputation standards.

Additional information regarding CCCs' admission to the financial market is available on the Bank of Russia website.

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