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CU System
Russias president signs CU microfinance bill
MOSCOW (7/6/10)--Russian President Dmitry Medvedev has signed a bill into law that aims to create a legal framework for microfinance institutions, including credit unions. The law comprises government regulation of the microfinance industry and terms of microloans (Prime-TASS News July 2). Under the law’s provisions, credit unions--and banks, pawnbrokers, savings and loan associations and other entities--can provide microloans. Microfinance institutions will not be allowed to do microloan business with a borrower if, as a result, the borrower’s microloan debt to the institution would exceed one million rubles, or $34,770.


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