29 Jun CNBV – Extension of Regulatory Facilities for the Financial and Housing Sector
June 29, 2020 – With the aim of immediately strengthening the liquidity of families and companies, as well as to encourage borrowers to recover before reactivating their payments, the Comisión Nacional Bancaria y de Valores (CNBV) announced, since March 26, 2020, special accounting criteria, applicable to credit institutions, on a temporary basis that allow the restructuring of consumer, housing and commercial loans in force as of February 28 of this year.
With these regulatory facilities, financial institutions granted a grace period of 4 to 6 months to families and companies affected by the contingency, during which they were not obliged to pay capital institutions and / or interest on their loans. This did not mean affecting your credit history or the accumulation of default interest.
The established term of 120 calendar days to receive and attend requests for credit restructuring expired on June 26. However, considering the current contingency conditions, the CNBV decided to extend the validity of the special accounting criteria until July 31. This extension of the term will allow financial institutions to finish analyzing, and where appropriate, approve pending applications. Likewise, those credit operations authorized in March that were later impacted by the negative effects of the contingency will be able to take advantage of these facilities.
Jurisdictions affected: Mexico
For more information, visit Comisión Nacional Bancaria y de Valores (CNBV).