meta_id 3436367

On August 26, 2026, the Financial Superintendency of Colombia issued External Circular 007 of 2026, providing instructions to supervised entities on measures to mitigate the impact of a disaster situation on affected financial consumers. According to the circular, supervised entities must adopt internal policies and procedures that enable them to identify financial consumers residing in the affected territories and/or who have suffered current or future damages due to the disaster situation declared by Decree 1171 of 2026 , whose ability to pay or financial situation has been or may be adversely affected by the disaster, or who may be affected in terms of the use or management of the supervised entity’s products or services. The instructions set forth in this External Circular apply to all institutions supervised by the SFC with respect to financial consumers affected by the disaster. Key measures with respect to debtors of affected loans are: Refinancing of the existing loan, including extending terms and adjusting payment conditions, without making them more burdensome for the debtor. Refinancing shall apply only to obligations incurred prior to August 10, 2026, and to payments due on or after that date. Possibility of granting additional relief including grace periods, special rates, amortization schemes and additional terms, as well as forgiving or suspending interest and pre-legal collections. Offering new loans on special terms to affected individuals and companies, based on their actual or potential recovery capacity. Temporarily maintain the credit rating and suspend negative reports for up to 12 months for refinanced loans; these will not be prudentially treated as modified or restructured. Flexibility in the assessment of ability to pay, including the use of alternative information and considering future income and prospects for economic recovery. Credit institutions may establish mechanisms for obtaining alternative information that allow them to analyze the borrower’s potential repayment capacity and that take into account additional variables regarding the future recovery of the economic sector in which the financial consumer operates, as well as the consumer’s ability to generate future income. Facilitating premium payments and streamlining insurance claims through special procedures and channels, and expedited claims assessment. Flexibility of channels and service, including the use of alternative or third-party channels and strengthening digital channels to maintain access to financial services.