Resolution SBS No. 02292-2026: Regulation for the Administration of Overindebtedness Risk of Retail Debtor Members of Savings and Credit Cooperatives Not Authorized to Capture Public Funds

That, in item 4-A.1 of the Twenty-Fourth Final and Complementary Provision of the General Law, it is established that, in matters of regulation, the Superintendence of Banking, Insurance and Private Pension Fund Administrators (hereinafter, Superintendence) issues the norms that are necessary for the compliance with what is established in the aforementioned Final and Complementary Provision, as well as on the other aspects that are necessary for the supervision and regulation of the Coopac, which must be consistent with the modular scheme contemplated in item 2 of the aforementioned final and complementary provision, respecting the cooperative and proportionality principles applicable to supervision;

That, Article 42 of the General Regulation for Savings and Credit Cooperatives Not Authorized to Capture Public Funds, approved by SBS Resolution No. 480-2019-SBS and its amendments (hereinafter, COOPAC Regulation), establishes that the credits and guarantees of Coopac of level 1 and level 2 with total assets equal to or less than 32,200 UIT are subject to the provisions established in Annex 1 “Criteria for the Evaluation and Classification of the Debtor and the Requirement of Provisions applicable to Coopac of level 1 and 2” of the COOPAC Regulation; while Coopac of level 2 with total assets greater than 32,200 UIT and Coopac of level 3 are subject to the provisions established in the Regulation for the Evaluation and Classification of the Debtor and the Requirement of Provisions, approved by SBS Resolution No. 11356-2008 and its amendments (Regulation for Evaluation and Classification);

That, the COOPAC Regulation establishes that Coopac of level 2 with total assets greater than 32,200 UIT and Coopac of level 3 are subject to the provisions established in the Credit Risk Management Regulation, approved by SBS Resolution No. 3780-2011; which establishes that, in the case of retail debtors, they must take into account what is provided by the Regulation for the Administration of Overindebtedness Risk of Retail Debtors;

That, from the supervision work carried out in the Coopac, it has been identified that there are heterogeneous practices in credit evaluation and weaknesses in the management of overindebtedness risk (or even its non-existence), which could

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511)6309000 overestimate the real capacity of the member to meet their credit obligations, which would expose the Coopac to higher levels of credit risk and losses, as well as to the affectation of their solvency levels;

That, it is necessary to regulate the administration of the overindebtedness risk of the retail debtor members in all Coopac, in accordance with their modular level and asset size; in order to promote a healthy integration of the members in the cooperative system and a sustainable growth of placements in the entities, having as the central criterion the evaluation of the payment capacity;

That, Annex No. 01 of the COOPAC Regulation and the Regulation for Evaluation and Classification provide that the granting of credit is determined by the payment capacity of the applicant, which in turn is defined fundamentally by their cash flow and credit history;

That, for the purpose of collecting opinions from the general public, the project was pre-published by SBS Resolution No. 01749-2026, under the authority of the Thirty-Second Final and Complementary Provision of the General Law, the Fifteenth Final Complementary Provision of Law No. 30822, as well as Supreme Decree No. 009-2024-JUS;

Having the previous technical and positive report on the feasibility of the norm from the Adjunct Superintendence of Cooperatives and with the approval of the Adjunct Superintendences of Cooperatives and of Regulation and Legal;

And

In exercise of the powers conferred by items 7, 9 and 13 of Article 349, as well as item 4-A of the Twenty-Fourth Final and Complementary Provision of the General Law;

RESOLVES:

Article First.- Approve the Regulation for the administration of the overindebtedness risk of retail debtor members of Savings and Credit Cooperatives Not Authorized to Capture Public Funds, which forms an integral part of this Resolution:

“REGULATION FOR THE ADMINISTRATION OF THE OVERINDEBTEDNESS RISK OF RETAIL DEBTOR MEMBERS OF SAVINGS AND CREDIT COOPERATIVES NOT AUTHORIZED TO CAPTURE PUBLIC FUNDS

CHAPTER I
GENERAL PROVISIONS

Article 1.- Scope
The provisions of this Regulation are applicable to Savings and Credit Cooperatives Not Authorized to Capture Public Funds and to Central Savings and Credit Cooperatives, hereinafter the Coopac.

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511)6309000

Article 2.- Definitions
For the application of this Regulation, the following definitions must be considered:
a) Risk appetite: The level of risk that the cooperative is willing to assume in its search for profitability and value. b) Coopac: Savings and Credit Cooperative Not Authorized to Capture Public Funds. c) Central: Central of savings and credit cooperatives not authorized to capture public funds, which are those integrated only with savings and credit cooperatives and correspond to the homogeneous type indicated in item 1.1 of Article 59 of the General Law of Cooperatives. d) Direct debt or credits: Represents the financing that, under any modality, financial entities or cooperatives grant to their debtors, originating on their part the obligation to deliver a determined sum of money, in one or several acts including, even, the obligations derived from refinancing and restructuring of existing credits or debts. e) Potential debt or indebtedness: Indirect credits and other obligations contracted by retail debtor members resulting from guarantees, sureties granted by them to third parties or other contingencies of a credit nature. f) Total debt or indebtedness: For the purposes of this norm, the sum of the retail debt of all types of microenterprise, small enterprise, revolving and non-revolving consumption and mortgage for housing and the direct equivalent exposure of potential debt. g) Equivalent exposure to credit risk: Conversion of a potential debt into a direct debt by means of a factor that multiplies the potential debt. h) Non-revolving credit line: It is that credit line in which amortized amounts are not allowed to be reused by the debtor member. i) Unused credit line: Results from the subtraction of the approved, registered and communicated amount to the debtor member of a revolving or non-revolving credit line, minus all obligations acquired by the debtor member under that line including the direct debt and accrued interest. j) Revolving credit lines: Are those credit lines in which amortized amounts are allowed to be reused by the debtor member. The total amount of revolving credit line is equal to the sum of the used and unused revolving credit line. k) Accounting Manual: Accounting Manual for Savings and Credit Cooperatives Not Authorized to Capture Public Funds, approved by SBS Resolution No. 577-2019 and its modifying norms. l) Payment Capacity Ratio: Financial indicator that measures the proportion between the financial obligations of the member and their net available income, reflecting their capacity to meet their payment commitments. m) GIR Regulation: Regulation of Integral Risk Management for Savings and Credit Cooperatives Not Authorized to Operate with Public Funds approved by SBS Resolution No. 13278-2009 and its modifying norms. n) Reinforced monitoring: Set of additional monitoring and follow-up activities applied by Coopac to members identified with overindebtedness risk, intended to periodically evaluate the evolution of their payment capacity, level of indebtedness and credit behavior, with the purpose of adopting
timely preventive or corrective complementary measures. o) Overindebtedness: Level of indebtedness that, due to its excessive nature regarding income and payment capacity, puts at risk the repayment of the obligations of a retail debtor member.

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511)6309000 p) Retail debtor member: Natural or legal person who has direct and indirect credits classified as microenterprise, small enterprise, revolving and non-revolving consumption, and mortgage for housing. q) Superintendence: Superintendence of Banking, Insurance and Private Pension Fund Administrators. r) Risk tolerance: The level of variation that the cooperative is willing to assume in case of deviation from the established objectives.

Article 3.- Responsibility in the management of overindebtedness risk
3.1. Coopac must adopt a system for the administration of overindebtedness risk that allows reducing said risk during the credit process, which includes both the stage of evaluation prior to the granting of the credit and the stages of follow-up and monitoring during the validity of the credit, including the adoption of corrective, preventive and/or improvement actions identified, as appropriate. Said system must be aligned with the levels of risk appetite and tolerance approved by the Board of Directors and, consequently, with the institutional strategy and business model; which must be duly supported and documented.
3.2. The Board of Directors is responsible for approving and reviewing periodically, at least annually, the organizational structure, guidelines, policies, procedures and methodologies for the management of overindebtedness risk.
3.3. The Risk Committee must submit to the Board of Directors the proposals of guidelines, policies, procedures and methodologies for the management of overindebtedness risk designed by the Risk Unit.
3.4. The Risk Committee must analyze and submit to the Board of Directors, as appropriate, the reports on the management of overindebtedness risk issued by the Risk Unit, or whoever acts in its place, and inform on the corrective actions and improvements implemented.
3.5. The General Management is responsible for the implementation of the guidelines, policies, procedures and methodologies for the management of overindebtedness risk, in accordance with the provisions approved by the Board of Directors and the applicable regulations.
3.6. The General Management and unit managers have the responsibility to ensure consistency between the operations carried out and the levels of risk appetite applicable in their framework of action.
3.7. The performance incentive system for personnel established by the Coopac must not generate a conflict of interest with the management of overindebtedness risk.

Article 4.- Risk Unit
4.1. The Risk Unit, or whoever performs the function, in accordance with the GIR Regulation, is responsible for carrying out, at least, the following functions:
a) Propose the policies, limits, methodologies, indicators and parameters to identify, measure, treat, control and report the overindebtedness risk, including its correct implementation in the information systems of the Coopac.

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511)6309000 b) Monitor periodically the overindebtedness risk to keep it aligned with the appetite and tolerance of the entity, including exceptions. c) Carry out specific follow-up of the exposure to overindebtedness risk and of the deviations that occur with respect to the defined levels of appetite and tolerance, having to analyze the causes that originate the deviations. d) Propose preventive, corrective and/or improvement actions identified as necessary for the management of overindebtedness risk, as appropriate.
4.2. The Risk Unit must inform the Board of Directors, the Risk Committee and the General Management of the periodic result of the functions indicated in item 4.1.
4.3. The responsibility for the management of overindebtedness risk falls on the Risk Unit, or whoever performs the function, which must be independent of the Business Unit or other units that are part of the process of evaluation and origination of operations exposed to overindebtedness risk.

Article 5.- Internal Audit Unit
The Internal Audit Unit or the person responsible for internal audit work, in accordance with the Internal Audit Regulation for Coopac, approved by SBS Resolution No. 1298-2022 and its amendment, is responsible for evaluating, independently, the compliance with the provisions contained in this Regulation, as well as the effectiveness of the management of overindebtedness risk. This evaluation must be incorporated as part of its programmed activities in its annual work plan, within the framework of the internal control system and integral risk management.

CHAPTER II
MANAGEMENT OF OVERINDEBTEDNESS RISK FOR RETAIL DEBTOR MEMBERS

Article 6.- Evaluation of overindebtedness risk in credit admission
6.1 In the process of granting new retail credits, Coopac must consider in the overindebtedness risk management methodology, the following aspects as part of the criteria for acceptance of the retail debtor member:

Identify the total indebtedness level of the retail debtor member (and their spouse, when their income is included in the credit evaluation) with the Coopac and with other companies in the financial and cooperative system in the calculation of total debt. For this, the Coopac must make use of internal and/or external information sources (risk centers or other available information sources), in accordance with its size and operational complexity. In the case of debtor members with microenterprise and small enterprise credits, the personal and family indebtedness that the debtor members could have must be considered, provided that the considered family members are active in the business.
In the event that, at the time of identifying the total indebtedness, the amounts of the installments of the obligations of the retail debtor member are not available, the Coopac must implement an internal methodology to transform the credit balances into installments, which must be supported, and incorporate, at minimum, the following aspects:

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511)6309000 a) In the case of direct credits, the installment must be calculated based on the outstanding capital balance, applying an estimated interest rate and term, in accordance with the average market conditions. b) For the potential indebtedness of retail debtors, their equivalent exposure to credit risk is calculated. The methodology to convert potential indebtedness into direct debt depends on each Coopac, taking into account the financial information available from internal and external sources; likewise, said methodology must be adequately supported and incorporated into credit policies. In case the Coopac does not have its own methodology, a credit conversion factor of 20% must be used. Once the equivalent exposure to risk is obtained (that is, the potential indebtedness multiplied by the credit conversion factor), the methodology indicated in letter a) must be applied to said value for the estimation of the corresponding installment.
2. Evaluate the payment capacity of the retail debtor member as a determining factor for admission and/or alert of the overindebtedness condition in accordance with the risk appetite and tolerance levels of the Coopac. The payment capacity ratio must consider as the numerator the total of the installments of the obligations of the retail debtor member (which comprises the installments of direct obligations and the installments associated with the potential indebtedness converted to equivalent exposure to credit risk), as well as those of their spouse, when their income is included in the credit evaluation; and, as the denominator their net available income. Net available income is determined from the member's income discounting personal and/or family expenses, business costs and expenses, as well as legal deductions or taxes applicable to them, among others that are deemed pertinent; however, it must not exclude the installments of the member's obligations, which form part of the numerator of the payment capacity ratio.
3. Consider the number of financial institutions and/or Coopac with which the retail debtor member maintains direct and/or indirect credits among the differentiating variables of overindebtedness risk. The thresholds of this variable must be consistent with the Coopac's risk appetite and tolerance, and must be justified.
6.2. The payment capacity ratio, detailed in sub-item 2 of item 6.1, must be a determining factor during the admission process; that is, Coopac must not grant a new credit to a retail debtor member who exceeds the payment capacity limits established in the overindebtedness risk management methodology elaborated by the Risk Unit and approved by the Board of Directors.
6.3. In the case of credits granted within the framework of commercial campaigns or other modalities of mass placement, the payment capacity ratio and the total indebtedness of the retail debtor member in said operations must be contemplated in their evaluation, ensuring their alignment with the levels of risk appetite and tolerance approved by the entity.

Article 7.- Follow-up and monitoring of overindebtedness risk
In this stage, Coopac must consider, at minimum, the following aspects:

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511)6309000 a) Carry out the analysis and periodic follow-up of the historical evolution of the quality of the credit portfolio; as well as, also, the date of granting of the credits (harvest analysis), among other factors, in order to be able to take corrective measures in the follow-up stage. In the case of credits granted within the framework of commercial campaigns or other modalities of mass placement, harvest analyses must be carried out in a differentiated manner for each campaign or modality, in order to evaluate the impact of these on the quality of the portfolio and on the evolution of overindebtedness risk. b) Establish a follow-up and monitoring system on the portfolio of retail debtor members that allows identifying those who incur in overindebtedness risk after the approval of their credit operations in the Coopac. Said system must include the update of the indicators used in the credit admission stage, at the member level, in order to be able to timely identify changes in their financial situation and their overindebtedness condition. c) Take preventive and/or corrective actions based on the analysis, follow-up and monitoring reports that are generated regarding the evaluations carried out in letters a) and b), such as the restriction or conditioning of the granting of new credits, the carrying out of comprehensive financial evaluations, the reinforced monitoring of said members, among others. The definition of said specific actions to be executed against members identified as overindebted constitutes part of the credit risk management strategies that must be designed, approved and implemented by each Coopac, in function of their business model, risk profile, size, member segmentation and operational capacity, in accordance with the principle of proportionality. d) The payment capacity ratio, detailed in sub-item 2 of item 6.1, must be a determining factor during the follow-up and monitoring of the portfolio of retail debtor members. In this way, if a retail debtor member exceeds the payment capacity limits, established in the overindebtedness risk management methodology, they should be considered as overindebted. The above does not limit the possibility that Coopac can use complementary factors to determine the overindebtedness condition of a retail debtor member. e) The follow-up and monitoring of the portfolio of retail debtor members identified as overindebted must be carried out at least at the credit type and credit classification level of the debtor. Additionally, in the case of Level 2 Coopac with total assets greater than 32,200 UIT and Level 3, as well as those Coopac with at least 5 offices, this work must be carried out at the product, agency or other segmentation level in accordance with their business model.

Article 8.- Overindebtedness risk report and communication to the Board of Directors
8.1. The Risk Unit, or whoever fulfills said function, must periodically elaborate, at least quarterly, a report on the exposure to overindebtedness risk of the Coopac.
8.2. The report indicated in item 8.1 must collect the most relevant aspects of the follow-up of overindebtedness risk, considering at least the following:

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511)6309000

a) The detail of over-indebted retail debtors of the Coopac, in accordance with Report 24-A and Report 24-B. In the case of Level 2 Coopacs with total assets greater than 32,200 UIT and Level 3 Coopacs, both reports form part of the complementary information of the Accounting Manual and must be submitted to this Superintendency in the form and timeframe established. In the case of Level 1 and Level 2 Coopacs with total assets less than 32,200 UIT, both reports are applicable for internal management purposes and are stored in accordance with what is provided in numeral 8.3.

b) The monitoring of portfolio quality, in line with the aspects detailed in article 7.

c) The actions adopted by the General Management with the aim of reducing exposure to over-indebtedness risk.

d) The exceptions made regarding current credit policies, considering what is provided in its over-indebtedness risk management methodology.

8.3. The reports, submissions, and documentation associated with over-indebtedness risk management must be archived and available to this Superintendency.

COMPLEMENTARY FINAL PROVISIONS

FIRST.- Additional considerations for over-indebtedness risk management

In addition to what is provided in articles 6, 7, and 8 of this Regulation, Level 2 Coopacs with total assets greater than 32,200 UIT and Level 3 Coopacs must establish the levels and/or limits for admission of the payment capacity ratio, differentiated at minimum by type of credit, products, and sub-products. These levels and/or limits must be aligned with the entity's risk appetite and tolerance, and be duly substantiated.

SECOND.- Compliance with the regulation for over-indebtedness risk management

The Superintendency is empowered to require the adoption of prudential measures for over-indebtedness risk management, in case it identifies non-compliance in the implementation of the provisions established in this Regulation.

Article Second.- The "Internal Audit Regulation for Savings and Credit Cooperatives Not Authorized to Capture Public Funds" approved by Resolution SBS No. 1298-2022 and its amendment are modified, as follows:

a) Incorporate into Annex No. 01 "Scheduled Activities for Level 3 Coopacs and Level 2 Coopacs with total assets greater than 32,200 UIT" the following scheduled activity:

ACTIVITIES PERIODICITY SBS REPORT SUBMISSION DATE
23. REPORT Evaluation on compliance with regulatory provisions on over-indebtedness and the effectiveness of the management of said risk
Semi-annual 30 days after the close of the semester

Los Laureles Nº 214 - Lima 27 - Perú Telf.: (511)6309000

b) Incorporate into Annex No. 02 "Scheduled Activities for Level 2 Coopacs with total assets equal to or less than 32,200 UIT and Level 1 Coopacs" the following scheduled activity:

ACTIVITIES PERIODICITY SBS REPORT SUBMISSION DATE
17. REPORT Evaluation on compliance with regulatory provisions on over-indebtedness and the effectiveness of the management of said risk.
Annual January 31

c) Incorporate Annex No. 07 "Minimum content of the evaluation on compliance with regulatory provisions on over-indebtedness", according to the following:

"ANNEX No. 07
MINIMUM CONTENT OF THE EVALUATION ON COMPLIANCE WITH REGULATORY PROVISIONS ON OVER-INDEBTEDNESS

As part of the Annual Internal Audit Work Plan, Coopacs must schedule the Evaluation on compliance with the regulatory provisions on over-indebtedness established in this regulation, which must include, at minimum, the following aspects:

a) Evaluation of the policies, limits, methodologies, indicators, and parameters established by the Coopac for over-indebtedness risk management.

b) Verification of the use of mechanisms for the measurement and control of said risk.

c) Evaluation of the effectiveness in over-indebtedness risk management, considering the Coopac's capacity to identify the over-indebtedness condition of retail debtor members, as well as to control and mitigate said risk, in accordance with its risk appetite and tolerance framework.

d) Review of a sample of the retail credit portfolio, under a substantiated sample selection methodology, prepared by the Internal Audit Unit or the person responsible for Internal Audit labor.

The compliance verification report on the over-indebtedness regulation; as well as the documents supporting said report, must be available to this Superintendency."

Article Third.- Chapter V "Complementary Information to Financial Statements (Annexes and Reports)" of the Accounting Manuals for Savings and Credit Cooperatives Not Authorized to Capture Public Funds, Level 2 and Level 3, approved by Resolution SBS No. 577-2019 and its amendments, are modified as indicated below:

a) Report No. 24-A "Report on over-indebted retail debtor members" is incorporated.

b) Report No. 24-B "Report on classification of over-indebted retail debtor members" is incorporated.

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c) The following reporting frequency is established for Level 3 Coopacs and Level 2 Coopacs with total assets greater than 32,200 UIT.

NAME DESCRIPTION PERIODICITY MAXIMUM SUBMISSION DEADLINE SUBMISSION FORM Report 24 (A and B) Report on over-indebted retail debtor members Quarterly 20 days Electronic medium

The aforementioned modifications are attached in the Annex that forms part of this Resolution and are published on the institutional portal (www.sbs.gob.pe), in accordance with what is provided in Supreme Decree No. 009-2024-JUS.

Article Fourth.- Within the framework of paragraph 42.4 of article 42 of the COOPAC Regulation, for the compliance, by the Credit Risk Units of Level 2 Coopacs with total assets greater than 32,200 UIT and Level 3 Coopacs, of the obligation of article 14 of the Credit Risk Management Regulation, approved by Resolution SBS No. 3780-2011, regarding the monitoring of norms referred to the administration of retail over-indebtedness risk, what is provided in this resolution must be considered.

Article Fifth.- This Resolution enters into force the day following its publication and has the following adaptation timeframe for its implementation:

a) Until March 31, 2027 for Level 3 Coopacs and Level 2 Coopacs with total assets greater than 32,200 UIT

b) Until September 30, 2027 for Level 2 Coopacs with total assets equal to or less than 32,200 UIT,

c) Until March 31, 2028 for Level 1 Coopacs.

SERGIO JAVIER ESPINOSA CHIROQUE
SUPERINTENDENT OF BANKING, INSURANCE, AND AFP