TITLE: Russia's Central Bank and Federal Antimonopoly Service Issue Guidance on Borrower Insurance Provider Selection BODY: On February 26, 2026, the Bank of Russia (Банк России) and the Federal Antimonopoly Service (ФАС России) issued an information letter to credit organisations clarifying borrowers' rights regarding insurance provider selection in loan agreements. The guidance establishes that consumers have the right to independently select an insurance provider from those meeting the bank's criteria and may change providers at any time during the loan term. Credit organisations are prohibited from imposing a specific insurance company on borrowers or offering preferential terms, including reduced interest rates, in connection with insurance provider selection. The Bank of Russia and Federal Antimonopoly Service set out specific procedural requirements for credit organisations. Banks must respond within seven working days of receiving insurance policy documentation, either confirming the policy's suitability or providing reasoned rejection. If a bank rejects an insurance contract and increases the loan rate, borrowers may submit an alternative policy. Should the alternative policy meet the bank's requirements, the interest rate should be reduced to its original level. The guidance also requires credit organisations to simplify insurance provider accreditation procedures. Banks must automatically approve insurers holding a credit rating, though they may independently ... (1940 chars total)

TITLE: Ontario's Financial Services Regulatory Authority Imposes Penalties Against Mortgage Broker and Investment Firm BODY: On February 17, 2026, the Financial Services Regulatory Authority of Ontario (FSRA) imposed administrative penalties totalling $50,000 against Sabine Quattrociocchi and Diamond Capital Investments Inc. (Diamond Capital) following a settlement agreement. Quattrociocchi was penalised $30,000 for contraventions of the Mortgage Brokerages, Lenders and Administrators Act, 2006 (the Act). These included dealing in mortgages without a licence or while not acting on behalf of a mortgage brokerage on two occasions, contrary to section 2(3) of the Act, and providing false or misleading information to FSRA, contrary to section 45 of the Act. Diamond Capital was penalised $20,000 for carrying on the business of administering mortgages without a licence or valid exemption, contrary to section 5(2) of the Act. The enforcement action demonstrates FSRA's commitment to protecting consumers through monitoring and enforcement of Ontario's mortgage sector. The penalties address unlicensed mortgage dealing activities and regulatory non-compliance. Both parties have settled with FSRA, resolving the contraventions without further proceedings. FSRA maintains a public enforcement database documenting its regulatory actions and monitoring activities across the financial services sector in Ontario. **References:** Financial Services Regulatory Authority of Ontario. (Februa ... (1648 chars total)

TITLE: South Korea's Financial Supervisory Service Reforms Overdue Debt Collection Practices to Strengthen Consumer Protection BODY: On February 26, 2026, South Korea's Financial Supervisory Service (FSS) announced reforms to overdue debt collection practices aimed at implementing consumer-friendly financial services. The initiative focuses on three key reform areas to address systemic issues in how financial institutions manage delinquent accounts. The FSS is implementing measures to activate in-house debt adjustment procedures at financial institutions during the early stages of delinquency, strengthening preventative and proactive debt restructuring. The reforms also enhance consumer protections when financial institutions sell delinquent debt, restricting the repeated sale of overdue accounts to limit prolonged and excessive debt collection efforts. Additionally, the FSS is abolishing special exceptions for financial institutions' public notice delivery procedures, preventing the mechanical extension of debt collection statutes of limitation without consideration of borrowers' actual repayment capacity. These reforms address concerns about long-term delinquency creation through automatic statute extension practices. The measures aim to reduce repeated debt collection suffering and minimise the creation of chronically delinquent borrowers. The FSS is strengthening the responsibility of original creditor financial institutions to protect customers during debt sales, ens ... (1765 chars total)

TITLE: Brazil's Monetary Council Approves New Credit Lines for Housing Improvements Under My House My Life Programme BODY: On October 9, 2025, the National Monetary Council (CMN) approved a resolution expanding the My House, My Life Programme (PMCMV) through the Social Fund (FS). The resolution creates the PMCMV-Improvements line, designed to finance home reforms, expansions, and adaptations, and adjusts operational rules for the PMCMV-Band 3 line launched in April 2025. The initiative follows Law 15,164/2025, which authorised the use of Social Fund resources for social interest housing programmes. For 2025, PMCMV-Improvements will receive R$7.6 billion from the Social Fund, derived from the Annual Budget Law allocating R$18.13 billion to the programme and Ordinance GM/MPO 216/2025 supplementing R$4.53 billion. The 2026 Budget Bill projects an additional R$24.7 billion, totalling R$30 billion in reimbursable credit over the two-year period. PMCMV-Improvements offers credit to families earning up to R$9,600 monthly at maximum nominal rates of 1.95 percent monthly, significantly below market averages. Families earning up to R$3,200 monthly access lower rates of 1.17 percent monthly. The Social Fund remuneration is fixed at 0.17 percent monthly (2 percent annually). Financing terms extend to 60 months with maximum grace periods of 180 days, and are exempt from guarantee or insurance requirements, reducing costs and expanding credit access. The resolution also enhances PMCMV ... (2156 chars total)