Banking Standards Committee approves measures for non-complying with standards
Now, the Committee may send recommendations, warnings, and orders to banks to eliminate violations and reasons that led to non-compliance with its standards.
The sternest corrective measure in relation to banks that fail to comply with the standard will be sending an order to transfer information about the violator to the Bank of Russia for its publication on the regulator’s website. This will be possible if the Committee has already sent the order to the bank to ensure compliance with the same provision of the standard.
The supervisory standard that describes these measures has been agreed with the Bank of Russia and will become effective on 1 April 2025. These measures will be applied in case of credit institutions’ non-compliance with the standards after this date.
Furthermore, the Bank of Russia will take into account the practice of banks’ compliance with the activity standards during the process of supervision and when improving regulation.
The Committee was established in May 2024. Two-thirds of its members are representatives of banks and banking associations. The first document approved by the Committee was the Standard for Protecting the Rights and Legitimate Interests of Mortgage Borrowers.