On Sep. 14, RUS CB introduced macroprudential premiums re bonds.
RUS CB announced it has established premiums on risk coefficients for bank investments in bonds secured by cash receipts from consumer loans, including auto loans, as well as for credit claims on specialized companies issuing such securities.
The aim is to limit systemic risks in consumer lending and minimize regulatory arbitrage.
Key Points
Macroprudential premiums are set at 250% and will apply to both originating and investing banks; the premiums do not apply to mortgage bonds.
In recent years, banks stepped up their consumer loan securitization transactions.
Furthermore, as of Aug. 1, 2026, 58% of bonds issued since the beginning of 2023 remain within the banking system and originating banks primarily retain the junior tranche, amounting to at least 20%, which absorbs the bulk of losses on the loan pool.
Currently, the quality of consumer loans has balanced out: share of cash loans overdue for more than 30 days in the third month from issuance has decreased to 0.7% for loans issued in April 2026 (compared with 1.6% for loans issued in Apr. 2025).
The accumulated macroprudential buffer of 7.4% as of Aug. 1, 2026, is sufficient to cover potential risks in the event of a slowdown in consumer income growth.
Furthermore, macroprudential premium on originator investments is set taking into account the risk assumed by the originator holding the junior tranche.
A macroprudential buffer has also been established for bank investors' investments to discourage cross-investment in bonds issued during consumer loan securitization.
