MNB Fines CreditLure for Unlicenced Activities

MNB

Image by Jessica Fejos

The National Bank of Hungary (MNB) on Monday said it fined CreditLure HUF 43 million for providing unlicensed financial services, according to a report by state news wire MTI.

CreditLure offered "mediation" services to clients whose credit contracts were canceled by lenders to reduce their principal or installments. It also collected money from clients - under the pretense of "money management" - which it used to cover operating costs.

The central bank and financial market regulator noted that CreditLure is a repeat offender and said it would file a criminal complaint in the matter.  

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