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Time Has Come: the RF Ministry of Finance Registered Two First Self-regulatory Organizations (SRO) of Credit Cooperatives.


 10.08.2011 

On August 2, 2011 the Minister of Finance of the Russian Federation Aleksey Kudrin signed the Status of self-regulatory organization (SRO) of credit cooperatives award orders to two non-commercial partnerships: the NP «Cooperative Finance» (Moscow) and the NP «National  Union of Credit Cooperatives» (Kamyshin). In such a way, the norm of the Federal law «About credit cooperation» was implemented, which obliges all credit cooperatives since August 4, 2011 to be a member of one of the SROs to organize monitoring and supervision at the market.

According to the opinion of the NAMMS President and Chairman of the Council of SRO «Cooperative Finance» Mikhail Mamuta, «it is the most important step on the way to financially sustainable market of credit cooperation in Russia. The cooperatives gradually take more and more noticeable space in providing borrowed-saving services for population and small business, and necessary membership in self-regulatory organizations will protect conscientious market participants, herewith lowering the risks for consumers».

It is expected that as a minimum two or three more SRO of credit cooperatives will be registered in the nearest future. Taking into account that each self-regulatory organization unites at the moment from 80 to 120 credit cooperatives, the total amount of cooperatives, which joined SROs, will comprise, consequently, about 500. The cooperatives, not participating in self-regulatory organizations, will not have rights to attract new members and new savings.

More detailed information is available at: http://www.rmcenter.ru/about/news/detail.php?ID=3637.


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