On providing information on weighted averages of full cost of consumer borrowing

Due to the effectiveness of Federal Law No. 353-FZ, dated 21 December 2013, ‘On Consumer Credit (Loan)’ (hereinafter, the Law) on 1 July 2014, the Bank of Russia informs that upon the effectiveness of the Law, in compliance with Articles 2 and 6 of the Law non-bank financial institutions will be obliged to calculate full cost of consumer borrowing under the procedure stipulated by the Law.

In order to implement the requirements of Part 10 of Article 6 of the Law the Bank of Russia intends to collect information on weighted averages of full cost of consumer borrowing by consumer borrowing category from microfinance organisations, credit consumer cooperatives and pawnshops. Microfinance organisations, credit consumer cooperatives and pawnshops will include information on weighted averages of full cost of consumer borrowing into their performance reports starting with the reports for first nine months of the calendar year.

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08.07.2014 00.00.00