Chile's Financial Market Commission (CMF) has imposed a censure on Cooperativa de Ahorro y Crédito Nacional para la Familia Limitada after finding it charged interest above the Maximum Conventional Rate (MCR) in loan operations. According to the CMF, the cooperative charged above the MCR in 365 loan operations between 8 August 2023 and 31 March 2025, with excess interest totalling CLP 11,122,223, breaching Law No. 18,010 and General Rule No. 484. In setting the sanction, the CMF Board treated the breach as a one-time effect linked to General Rule No. 484 becoming effective, noted corrective measures to prevent recurrence, and recorded that the cooperative refunded the amounts charged in excess.
Chile Financial Market Commission 2026-03-23
Chile's Financial Market Commission censures Cooperativa de Ahorro y Crédito Nacional para la Familia for charging interest above the Maximum Conventional Rate
Chile's Financial Market Commission (CMF) censured Cooperativa de Ahorro y Crédito Nacional para la Familia Limitada for charging interest above the Maximum Conventional Rate in 365 loan operations, totaling CLP 11,122,223. The breach, linked to the implementation of General Rule No. 484, was treated as a one-time effect, with corrective measures noted and excess amounts refunded.