Regulatory Alerts2020-06-19 | CD-SIBOIF-1181-1-JUN19-2020Norm for the Granting of Temporary Credit Conditions
The Superintendent of Banks and Other Financial Institutions issued Resolution No. CD-SIBOIF-1181-1-JUN19-2020 to establish temporary credit conditions allowing financial institutions to defer payments or extend loan terms for borrowers affected by the international health crisis. The regulation mandates that modified loans retain their March 31, 2020 risk classification, prohibits fee exemptions for legal costs, and requires banks to maintain a 13% capital adequacy ratio while establishing specific capital reserves. Financial institutions must report detailed borrower data to the Superintendent within five business days of each month's close to ensure updated credit history tracking and regulatory compliance.
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