Central Bank of Russia introduces pre-entry document review and management fit and proper checks for consumer credit cooperatives

The Central Bank of Russia has brought into force new rules for consumer credit cooperatives’ (CCCs) admission to the financial market by changing how CCCs are entered in the official register, following amendments to the Federal Law ‘On Credit Cooperation’ effective 5 February 2025. The changes are aimed at enhancing CCCs’ transparency to their members. Previously, the register of CCCs was maintained using data from the Unified State Register of Legal Entities. Under the updated approach, a CCC will be entered in the register only after its documents have been reviewed by either a self-regulatory organisation in the financial market or the Central Bank of Russia, depending on the CCC’s level. The framework also sets a procedure for maintaining the register and submitting admission documents, and introduces an assessment of the CCC’s management against qualification and business reputation requirements.