Regulatory Alerts2019-11-21
CUA Requirement No. 1/2019: Classification of Loans and Other Assets
The Registrar of Credit Unions in Belize issued CUA Requirement No. 1/2019 to prescribe the methodology for evaluating and classifying loans and other assets held by credit unions. The regulation mandates that non-performing assets be categorized as Doubtful or Loss based on specific arrears periods and credit weaknesses, while also introducing special classification exceptions for the agriculture sector affected by drought. Credit unions are required to conduct classification reviews quarterly and report classified and restructured facilities to the Registrar on both monthly and quarterly bases.
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