On Apr. 22, RUS CB proposed monthly payment calculation updates.
RUS CB proposed ord amending ord 6579-U on procedure for calculating the amount of average monthly payments by credit organizations or microfinance organizations and calculating the amount of the average monthly income of the borrower, including the list of data used to calculate the amount of the average monthly income of the borrower.
Consultation documents are only available on RUS CB website until comment deadline.
The amendments introduced to maintain general approaches to determining average monthly payments and borrower income by credit and microfinance organizations.
The ord introduces technical changes to improve the model approach for determining borrower income, including: adding requirements for factors influencing income.
Also it introduces removal requirements to use the Gini coefficient for income assessment and comparisons with Federal Statistics Service data and credit reports.
The ord extends the approach to income determination based on declared income for loans up to 50k RUB or loans for vehicle acquisition under pledge until Dec. 31, 2025.
The proposed ordinance applies to existing credit organizations (excluding non-bank entities conducting money transfers) as well as microfinance organizations.
Effectiveness
The ord will enter into force on Oct. 1, 2024 and comments and feedback are expected by May 8, 2024.
Aug. 2024 Ordinance Issued
On Aug. 21, 2024, RUS CB issued ordinance 6806-U amending ord 6579-U on monthly credit payment calculations and the ordinance enters into force on Nov. 1, 2024.
Regulators
RUS CB
Entity Types
Bank; CNSM; CU; MSB
Reference
PR 8/21/2024; Ord 6806-U, 7/15/2024; CP, 4/22/2024; Ord 6579-U, 10/16/2023
