Regulatory Alerts2025-08-20
Revocation of License to Operate as a Non-Stock Savings and Loan Association of RGC Employees Savings and Loan Association, Inc.
The Monetary Board issued Circular Letter No. CL-2025-036 to notify all banks and non-bank financial institutions of the revocation of the license of RGC Employees Savings and Loan Association, Inc. This action was approved under Resolution No. 574 dated 05 June 2025, pursuant to Section 22 of Republic Act No. 8367, the Revised Non-Stock Savings and Loan Association Act of 1997. The directive serves as official guidance for the financial sector regarding the termination of the institution's operating license.
FINANCIAL SUPERVISION SECTOR | OFFICE OF THE DEPUTY GOVERNOR CIRCULAR LETTER NO. CL-2025-__ To : ALL BANKS AND NON-BANK FINANCIAL INSTITUTIONS Subject : Revocation of License to Operate as a Non-Stock Savings and Loan Association of RGC Employees Savings and Loan Association, Inc. The Monetary Board, in its Resolution No. 574 dated 05 June 2025, approved the revocation of the license of the RGC EMPLOYEES SAVINGS AND LOAN ASSOCIATION, INC. to operate as a non-stock savings and loan association, pursuant to Section 22 of Republic Act No. 8367, otherwise known as the “Revised Non-Stock Savings and Loan Association Act of 1997” and the rules and regulations promulgated thereunder. For information and guidance. LYN I. JAVIER Deputy Governor
20 August 2025