NEW PACKAGE OF MEASURES FOR CREDIT RESRUCTURING
On September 23, through Press Release No. 076, the Ministry of Finance through the National Banking and Securities Commission (CNBV) presented a new package of measures for credit restructuring.
Given that the measures established in the months of March and April to mitigate the economic effects related to the contingency derived from COVID-19, concluded or are nearing completion and the pandemic has spread, the Ministry of Finance through the CNBV, agreed apply new measures to protect the economy of people and companies that require it, with the aim of reducing their credit commitments and protecting their assets. These measures will benefit the various types of consumer, mortgage, business and other loans, and consist of the following:
- Loan restructuring, reducing, at least 25%, the payment that had been made.
- Extension of the remaining term up to 50% of the original term
- Lowering the interest rate and making capital deductions.
Additionally, to encourage financial inclusion and the granting of new credits, the following measures will be taken:
- The regulation that allows the opening of accounts and contracting of credits without the need for the client to go to the branch is extended to legal entities.
- The limits established for contracting credits and opening accounts are eliminated, facilitating the opening of simplified identification accounts considered low risk for Popular Financial Societies (SOFIPOs) and Cooperative Savings and Loan Societies (SOCAPs).
Lastly, this plan establishes the necessary measures to incentivize and allow banks to restructure the loans of clients who request it.