Due to martial law, the National Bank of Ukraine (NBU) on March 31 extended deadlines that credit unions and other non-bank financial institutions face for reporting on any follow-up measures recommended to them during inspections of their institutions over the course of 2022.
The NBU has also postponed the submission of all action plans based on the regulator’s recommendations or any objections to those recommendations.
Nonbank financial services market participants will not be required to provide any of that information until 30 business days after martial law is lifted in Ukraine.
This most recent move comes just a week after the NBU declared that credit unions do not need to treat any missed loan payments that occur from February 28, 2022 to within 60 calendar days after the termination of martial law as delinquent or overdue.
World Council of Credit Unions advocated for that measure and continues to work through its International Advocacy team and its USAID-funded Credit for Agriculture Producers’ (CAP) Project to advocate for emergency regulatory reforms before the NBU on behalf of Ukrainian credit unions, so that they may continue to serve members and communities despite the ongoing conflict.