Chile’s Financial Market Commission (CMF) has issued a censure against Cooperativa de Ahorro y Crédito Nacional para la Familia Limitada for charging interest above the Maximum Conventional Rate (MCR) on certain loans. Under Resolution No. 2,474, the CMF found that the cooperative applied rates above the MCR in 365 loan operations between 8 August 2023 and 31 March 2025, with excess charges totalling CLP 11,122,223, breaching Law No. 18,010 and General Rule No. 484. In setting the sanction, the Board treated the breach as a one-off effect linked to General Rule No. 484 coming into force, and noted that the cooperative implemented corrective measures to prevent recurrence and refunded the amounts charged in excess.
Chile Financial Market Commission 2026-03-23
Chile Financial Market Commission censures savings and credit cooperative for charging interest above the Maximum Conventional Rate
Chile’s Financial Market Commission censured Cooperativa de Ahorro y Crédito Nacional para la Familia Limitada for exceeding the Maximum Conventional Rate on 365 loans, resulting in excess charges of CLP 11,122,223. The breach, linked to the implementation of General Rule No. 484, was treated as a one-off, with corrective measures taken and refunds issued.