Regulatory Alerts2022-01-01 | JPRF-F-2022-032JPRF-F-2022-032 — Extraordinary and Temporary Financial Relief Mechanism Applicable to the National Financial System
The Financial Policy and Regulation Board of Ecuador issued Resolution No. JPRF-F-2022-032 to implement an extraordinary and temporary financial relief mechanism across the public, private, and popular and solidarity financial sectors. The resolution mandates regulated institutions to case-by-case refinance or restructure overdue microcredit, SME, and educational loans originating between January 1, 2020, and June 30, 2022, by granting grace periods, waiving fees and compound interest, and assigning an "A1" risk classification contingent on continued payment compliance. Effective from July 21 to December 31, 2022, this regulatory framework aims to alleviate pandemic-induced debt burdens and stimulate economic reactivation while requiring monthly operational reporting to the Superintendence of Banks or the Superintendence of the Popular and Solidarity Economy.