Regulatory Alerts2018-05-29 | CD-SIBOIF-1057-1-MAY29-2018Added · Updated
Norm for Establishing Special Conditions for Debt Renegotiation
The Superintendence of Banks and Other Financial Institutions issued Resolution No. CD-SIBOIF-1057-1-MAY29-2018, authorizing banks, financial companies, and insurance companies to modify or extend credit contracts for debtors with risk ratings of "A" or "B" as of March 31, 2018, or those granted in April 2018. Financial institutions must obtain the Superintendent's non-objection prior to approval and report affected debtors within five business days after each month ends. The norm prohibits restructuring credit cards and extra financing, requires that modified loans retain their original risk classification, and sets a maximum application deadline of December 31, 2018.
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