Tests to determine the level of financial literacy may appear in Russia. High-risk borrowers and those applying for a loan or credit for the first time may be required to pass them.
Alexander Dyomin, deputy head of the New People faction in the State Duma, approached Elvira Nabiullina, chair of the Central Bank of Russia, with this initiative. The Central Bank, as reported by RIA Novosti, citing the agency's response at the disposal of the editors, supported this idea.
A number of countries have borrower financial literacy testing for certain types of contracts, primarily mortgage contracts (due to the size of the amounts, terms, and risks inherent in this type of lending). The Bank of Russia is ready to consider the introduction of such testing for contracts where the borrower's obligations are secured by a mortgage and proposes to work together with credit institutions and consumer protection societies to address this issue.
The document notes that, together with the Ministry of Finance of Russia, the mega-regulator of the financial market is working both on the financial literacy of Russians and on the formation of their financial culture. This includes, for example, the formation of habits to analyze their income and expenses, assess their credit burden, and be responsible for servicing debt.
The Central Bank said that, in addition to testing, Russians can expect another barrier to taking out a loan or credit. A separate draft federal law has already been developed that will introduce a mandatory "cooling-off period" for consumer loans and credits. This is a certain period of time between the agreement on the individual terms of a consumer loan (credit) agreement and the receipt of the loan (credit), during which the borrower can refuse to receive the funds.
The establishment of such a "cooling-off period" will, among other things, allow the consumer to further reconsider their decision, assess its feasibility, and make a rational and informed decision about obtaining a loan or credit or refusing it.
Issues of lending and mortgages, including for young families, became one of the most popular at the past Direct Line and press conference of the President of Russia. Following its results, Vladimir Putin, speaking at a meeting of the State Council dedicated to supporting families, announced the preservation of preferential family mortgages at 6% and the expansion of its scope. At the numerous requests of Russians, it will also be allowed for secondary housing, but under certain conditions.
I still believe that families should be allowed to purchase housing at a preferential rate of 6 percent in the secondary market as well. But let's agree that this will be the secondary market in those settlements where new housing is practically not being built. I think that this cannot negatively affect the activities of construction companies and construction in general. I ask the government to simply work this out and develop clear criteria for what constitutes settlements in which little new housing is being built or practically not being built. We need clear, understandable criteria, devoid of any possibility for manipulation.
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