Featured Product

    CMF Proposes to Amend Rules for Savings and Credit Cooperatives

    May 18, 2021

    CMF is consulting on amendments to the general rules applied to the savings and credit cooperatives it supervises. The proposal states that cooperatives should comply with the same operational risk management standards applied to banks, support companies of banking activities, and payment card issuers. CMF has requested feedback by May 31, 2021.

    Savings and credit cooperatives can perform a wide range of financial operations and services as stated in the General Law on Cooperatives. These include vista accounts, savings accounts, term deposits, and issuance of credit and payment cards, among others. Therefore, it is essential that they have a regulatory framework allowing them to develop adequate security levels in accordance with the scale and complexity of each entity's operations. According to the proposal, cooperatives are required to comply with the  operational risk and cybersecurity framework that CMF has established for supervised financial institutions pursuant to the General Banking Act; the applicable frameworks include the following aspects:

    • Electronic fund and information transfers
    • Outsourcing of services (especially data processing services and additional safeguards in the case of cloud-based services)
    • Business continuity management, including the operation of data processing sites
    • Information security and cybersecurity

    Along with these aspects, a regulation on reporting operational incidents to CMF also applies to the cooperatives. Moreover, any application of the regulatory framework must consider the nature, volume, and complexity of the operations of each cooperative.

     

    Related Links

    Comment Due Date: May 31, 2021

    Keywords: Americas, Chile, Banking, Operational Risk, General Banking Act, Cyber Risk, Savings and Credit Cooperatives, CMF

    Related Articles
    News

    BoE Consults on Approach to Setting MREL, Publishes Bail-In Guidance

    The Bank of England (BoE) published a consultation paper on approach to setting minimum requirement for own funds and eligible liabilities (MREL), an operational guide on executing bail-in, and a statement from the Deputy Governor Dave Ramsden.

    July 22, 2021 WebPage Regulatory News
    News

    EBA Seeks Views on Proportionality Assessment Methodology

    The European Banking Authority (EBA) is seeking preliminary input on standardization of the proportionality assessment methodology for credit institutions and investment firms.

    July 22, 2021 WebPage Regulatory News
    News

    US Agencies Propose Changes to Call Reports and Instructions

    Certain regulatory authorities in the US are extending period for completion of the review of certain residential mortgage provisions and for publication of notice disclosing the determination of this review until December 20, 2021.

    July 22, 2021 WebPage Regulatory News
    News

    PRA Finalizes Rulebook Definition of Higher Paid Material Risk-Taker

    The Prudential Regulation Authority (PRA) published the policy statement PS18/21, which introduces an amendment in the definition of "higher paid material risk taker" in the Remuneration Part of the PRA Rulebook.

    July 21, 2021 WebPage Regulatory News
    News

    EBA Examines Asset Encumbrance in Banking Sector

    The European Banking Authority (EBA) published its annual report on asset encumbrance in banking sector.

    July 21, 2021 WebPage Regulatory News
    News

    EBA Publishes Methodological Guide to Mystery Shopping

    The European Banking Authority (EBA) published a methodological guide to mystery shopping.

    July 21, 2021 WebPage Regulatory News
    News

    APRA Issues Update on Capital Reform Policy Settings for Banks

    The Australian Prudential Regulation Authority (APRA) released a letter to authorized deposit-taking institutions to provide an update on key policy settings for the capital framework reforms, which will come into effect from January 01, 2023.

    July 21, 2021 WebPage Regulatory News
    News

    CPMI-IOSCO Assess Continuity Planning of Market Infrastructures

    The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) published a report that assesses the business continuity planning activities of financial market infrastructures or FMIs.

    July 21, 2021 WebPage Regulatory News
    News

    BoE Announces Changes to Validation Rules for Form BTL

    The Bank of England (BoE) published questions and answers (Q&A) on OSCA to BEEDS migration for statistical reporting as well a presentation from the project overview session held with statistical reporters.

    July 20, 2021 WebPage Regulatory News
    News

    BCBS Proposes Changes to Process for Reviewing G-SIB Methodology

    The Basel Committee on Banking Supervision (BCBS) is consulting on a technical amendment to the Basel Framework to reflect a new process reviewing the global systemically important bank (G-SIB) assessment methodology.

    July 20, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7281