Regulatory Alerts2023-01-26
Added · Updated
Explanation regarding the Decision on Introducing Amendments and Additions to the Regulation on Minimum Requirements for Commercial Banks' Activities in Relations with Bank Service Consumers
Commercial banks must expand the information provided to consumers before concluding credit contracts and notify them within three days regarding credit approval or reasoned rejection. These obligations stem from amendments to the Regulation on Minimum Requirements for Commercial Banks' Activities in Relations with Bank Service Consumers registered on January 26, 2023. The text prohibits banks from offering subordinated debt as deposits or deposit-equivalent debt and mandates explanations of future risks to third parties providing collateral or guarantees. These changes take effect on April 28, 2023.