Regulatory Alerts2024-01-01 | JPRF-F-2024-0124JPRF-F-2024-0124 — Reforming the Standard for Strengthening Savings and Credit Cooperatives to Enhance the Patrimonial Strength of Mutual Savings and Credit Entities
The Financial Policy and Regulation Board of Ecuador issued Resolution JPRF-F-2024-0124 to amend regulations governing savings and credit cooperatives and mutual housing associations. The resolution mandates that these entities allocate up to 3% of disbursed credit amounts to strengthen their Non-Distributable Legal Reserve Fund to ensure financial solvency. This requirement applies to original credit operations and is enforced by the Superintendency of the Popular and Solidarity Economy within thirty days.
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