New requirements for credit cooperatives authorised to work with maternity capital
Consumer credit cooperatives (CCCs) and agricultural CCCs that can accept maternity capital to repay loans for the purchase or construction of housing should have no reprimands from the regulator.
This includes, for example, the submission of reports, mandatory membership in a self-regulatory organisation, and the absence of instructions to restrict their activities. These requirements are stipulated by the draft Bank of Russia Ordinance.
In addition, over a quarter, the amount of loans for the purchase and construction of housing using the maternity capital may not exceed 50% of the total amount of loans issued by a cooperative over the same period.
The regulator intends to publish a list of CCCs that meet the conditions of the document on its website.
The innovations are aimed at protecting people’s rights and preventing cooperatives from unfair practices.