Regulatory Alerts2022-06-10 | NRP-34Added · Updated
Technical Standards to Authorize Savings and Credit Cooperatives to Collect Public Savings and for Gradual Adaptation of Cooperatives Exceeding Deposit Limits
The Standards Committee of the Central Reserve Bank of El Salvador issued these technical standards to establish procedures for Savings and Credit Cooperatives to obtain authorization from the Financial System Superintendence to collect public deposits. The document mandates that cooperatives exceeding the deposit limit of 600 million colones must notify the Superintendence within ten business days and submit a regularization plan to adjust their social capital within thirty days, with full compliance required within three years. Authorization applications require specific documentation, including shareholder lists and business plans, with the Superintendence having up to sixty days to approve or deny requests.