The Central Bank of Russia published its Consumer Credit Cooperative Market Trends review, reporting that in 2025 Q3 the amount of loans issued by consumer credit cooperatives (CCCs) grew for the first time since the start of the year, up 35% quarter on quarter. The number of new consumer loans increased almost sevenfold year on year, while the total number of unit holders rose to 498,000. Loan portfolio expansion remained modest overall, constrained by the exclusion of many cooperatives from the state register for violating legal requirements and by the rapid turnover of short-term loans. The review links higher CCC activity to tighter microfinance regulation, including the introduction of macroprudential limits for car loans issued by microfinance organisations (MFOs) and the requirement to check whether an individual has set a self-ban before issuing a loan, prompting firms to test diversification options; the Bank of Russia will monitor emerging practices and apply measures if it identifies abusive regulatory arbitrage.
Central Bank of Russia 2025-12-09
Central Bank of Russia reports Q3 surge in consumer credit cooperative lending linked to MFO-affiliated cooperatives and flags regulatory arbitrage risk
The Central Bank of Russia reported a 35% quarter-on-quarter increase in loans by consumer credit cooperatives (CCCs) in Q3 2025, marking the first growth since the year's start. However, overall loan portfolio expansion was modest due to many cooperatives being excluded from the state register and rapid short-term loan turnover. Increased CCC activity is attributed to tighter microfinance regulations, including macroprudential limits on car loans and self-ban checks, with the Bank of Russia monitoring for regulatory arbitrage.