Regulatory Alerts2020-10-26
Agreement No. 13 (2020) Modifying Agreement No. 2-2020 on Credit Risk and Establishing Additional Relief Measures
The Superintendence of Banks of Panama issued Agreement No. 13-2020 to extend the deadline for banks to evaluate and modify loans affected by the COVID-19 pandemic until June 30, 2021. This regulation mandates that modified loans remain exempt from late interest charges and credit bureau negative reporting during the modification period, while preserving their existing risk classifications and provisions. Furthermore, it establishes specific criteria for restoring modified credits to normal status and outlines enhanced customer protection mechanisms for handling financial relief complaints.
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