Regulatory Alerts2018-06-26 | CD-SIBOIF-1061-1-JUNIO26-2018Added · Updated
Norm on Reforming Articles 1 and 3 of the Standard for Establishing Special Conditions for Debt Renegotiation
The Board of Directors of the Superintendence of Banks and Other Financial Institutions amended Articles 1 and 3 of the Standard for the Establishment of Special Conditions for the Renegotiation of Debts. The revision restricts eligibility for special credit conditions to housing mortgages, microcredit, commercial loans, and consumer loans, explicitly excluding credit cards and extra financing. Financial institutions may modify contract terms or consolidate debts for borrowers with risk ratings of A or B as of March 31, 2018, or those granted in April 2018, without reclassifying them as restructurings. This resolution entered into force upon its notification on June 26, 2018.
Topics
Share