Translartion. Region: Russians Fedetion –
Source: Central Bank of Russia –
The new rules are intended to increase the level of transparency of credit consumer cooperatives (CCCs) for their participants. The changes to the Law “On Credit Cooperatives” come into force on February 5, 2025.
Until now, the Bank of Russia has been conducting state CPC registrybased on data from the unified state register of legal entities. Now information will be entered into the CPC register only after the cooperative’s documents have been reviewed by a self-regulatory organization in the financial market or the Bank of Russia (depending on the level of the CPC).
Regulator installed the procedure for maintaining the register of credit unions and sending documents for entering information into the register. An assessment of the organization’s managers’ compliance with qualification requirements and business reputation requirements will also be conducted.
More detailed information on the procedures for admission to the financial market of credit unions can be found here on the website Bank of Russia.
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