CNPF: Non-banking credit organizations (NBCOs) must comply with responsible lending requirements.
The National Financial Market Commission (CNPF) reminded that the Regulation on responsible lending requirements applicable to NBCOs took effect on September 1. The document establishes a number of obligations of NBCOs, allowing to limit the excessive indebtedness of consumers of non-banking financial products. In particular, NBCOs must assess the creditworthiness of the borrower and not allow the consumer to assume obligations under loan contracts that exceed his or her ability to repay. Prior to entering into a loan agreement, NBCOs must ensure that it collects and evaluates information on the consumer's verified income, diversity, stability, and possible future income dynamics based on known objective factors; and examine the consumer's obligations under existing loan agreements in conjunction with payment obligations arising from the requested loan agreement and other financial obligations. NBCOs must review the consumer's credit history, verify data on outstanding loan obligations, improper performance of current or previous financial obligations by the consumer, including obligations in the form of sanctions (delinquencies, penalties, etc.). The impact of circumstances indicated by the consumer or known to the creditor on the consumer's financial situation should also be analyzed, as well as other factors that may cause financial problems or excessive indebtedness of the consumer. At the same time, requirements have been introduced regarding the methodology for calculating certain indicators, for example, the ratio of loan payments to income should not exceed 40% (with a number of exceptions). // 12.09.2022 - InfoMarket
