OREANDA-NEWS. On 21 May 2015, the Bank of Russia Expert Council on Microfinance and Credit Cooperation considered the topical issues of market development.

The meeting participants discussed the proposal on splitting microfinance organisations into two types: microfinance companies and microcredit companies, depending on their risk levels. At present, similar requirements are established for microfinance institutions irrespective of their sizes and the level of risk assumed in the course of conducting microfinance activities. The reform is designed to eliminate excessive requirements for small companies, while setting a more efficient regulatory and supervisory regime for large companies.

The Council members spoke in favour of adopting a differentiated reporting system for non-credit financial institutions.

In addition, the Council considered the issues of financial services consumer protection, information on public appeals and proposed a number of steps aimed at protecting the consumers of microfinance services.

The Council members approved road maps on the migration to the single chart of accounts for microfinance organisations, credit cooperatives, housing saving cooperatives, agricultural credit cooperatives and pawnbrokers.