The Central Bank of Russia has announced an increase in risk rate premiums for unsecured consumer loans, with the change taking effect on September 1. This development was confirmed in an official press release from the regulator.
Officials note that the new premiums represented a notable shift in cost structure, with coefficients showing a reduction of 82% for credit cards and 66% for cash loans compared with prior levels. This adjustment signals a different approach to pricing risk in the consumer lending sector and aims to influence lending practices across financial institutions.
Earlier communications indicated that banks in Russia would be restricted from obtaining borrower consent to provide additional services during the loan process if consent is not clearly framed by the lender. The regulator has clarified that under the updated rules, consent for all services, goods, and works must be obtained through a separate, explicit application. Borrowers will have the right to agree or object to ancillary services independently, without implicit approval embedded in the loan agreement.
Experts emphasize the regulator’s motive behind these changes, suggesting a shift toward stronger consumer protections and greater oversight of how lenders attach extra services to credit products. The new framework would limit banks and microfinance institutions from embedding consent for ancillary services into general loan contracts, thereby reducing the risk of auto-enrollment in paid add-ons. This move is seen as enhancing transparency and empowering borrowers to make informed decisions before committing to any additional offerings.
Under the revised policy, two pathways for offering bank-related services are identified. First, insurance coverage may be included only when its terms are essential to securing the loan itself, such as a condition tied directly to the debt. Second, a borrower may opt to purchase other paid services by entering separate agreements, rather than signing a blanket consent alongside the loan. These distinctions are designed to ensure that customers retain control over ancillary expenditures and clearly understand the financial implications of any linked services.
Financial experts point out that the regulator’s emphasis on clear, separate consent will likely require lenders to adjust their onboarding processes, documentation templates, and consent flows. In practice, this could lead to more standardized disclosures and the clearer presentation of any optional services at the earliest stage of loan negotiations. Market participants are watching closely to see how banks, microfinance outfits, and insurers adapt to the new requirements and how enforcement actions may evolve if institutions fail to comply. [Source: Regulator press release on lending practices and consumer protections]