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Peru's congress approves bill for bank regulator to supervise cooperatives

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Peru's congress approves bill for bank regulator to supervise cooperatives

Peru's congress unanimously approved the bill that allows banking and insurance regulator SBS to supervise savings and credit cooperatives, SEMANAeconómica reported.

The bill will create the deputy superintendent of cooperatives, which will be under the command of the SBS. The provision comes after a proposal from a congressional committee to create an entity separate from the SBS which will oversee cooperatives was rejected by the regulator itself as well as other groups.

The new superintendent will be required to have experience in the supervision and management of cooperatives, Congresswoman Úrsula Letona said. The clause veers away from a previous suggestion that the new regulator should operate under a five-year mandate, which was also criticized by SBS.

Peru's President Martín Vizcarra earlier called on the congress to approve the cooperatives bill before its last plenary session on June 15.