Under exceptional and temporary circumstances that may temporarily affect the payment capacity of debtor members of Non-Authorized Savings and Credit Cooperatives to Collect Public Funds (Coopac) with good credit behavior, the Superintendence of Banking, Insurance and AFP (SBS) reported that Coopac are authorized to modify the original contract conditions, adapting them to the new expected income flows of the debtor member.
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The SBS, through the Deputy Superintendency of Cooperatives (SACOOP), by means of a multiple official letter sent to Coopac, has established provisions that seek to provide temporary flexibility to debtor members who may face difficulties in paying their loans, allowing them to modify their payment schedules without affecting their credit rating.
These contractual modifications will not be considered refinancing, as long as they respond to exceptional and temporary events, do not result from a permanent deterioration of payment capacity, and comply with the criteria and conditions established in the aforementioned official letter.
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Among these criteria are the individual evaluation of the debtor member, their risk classification, Normal or With Potential Problems, the maximum number of days of loan delay, the limits applicable to the extension of the original term, and the number of reschedulings, among other aspects, differentiating their application depending on whether the loans are retail or non-retail.
Additionally, the multiple official letter incorporates flexibilizations to the aforementioned criteria, specifically aimed at assisting debtor members affected by declarations of regional and sectoral states of emergency.
