Regulatory Alerts2022-06-12
Simplification of Customer Agreements
The Banking Supervision Department issued Circular No. C-06-2716 to amend Proper Conduct of Banking Business Directive 449, aligning the calculation of forecast total interest with Directive 451. The amendments clarify that the directive applies to housing loans and acquirers, mandate presenting actual cost figures based on the agreement date without recalculation, and specify uniform calculation methods for multi-variable loans. These regulatory changes take effect on August 31, 2022, to ensure consistency in how banking corporations disclose credit costs to customers.
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