MNB fines lenders for info provision shortfalls
Image by posztos / Shutterstock.com
The National Bank of Hungary (MNB) on Thursday said it fined ten lenders a combined HUF 65 million for failing to fully comply with rules on informing clients, according to a report by state news wire MTI.
The central bank and financial market watchdog said it found shortcomings at most of the lenders related to complying with client requests for bank statements by the 90-day deadline, to informing clients of the consequences of early repayment, and to updating clients on National Deposit Insurance Fund (OBA) changes.
It also found some lenders did not send clients an annual overview of their transactions and fees, as required from 2020, by the January 31 deadline.
MNB fined Budapest Bank, CIB Bank, Duna Takarék Bank, Erste Bank Hungary, MagNet Bank, MKB Bank, OTP Bank, Raiffeisen Bank, Takarékbank and UniCredit Bank for the violations.
SUPPORT THE BUDAPEST BUSINESS JOURNAL
Producing journalism that is worthy of the name is a costly business. For 27 years, the publishers, editors and reporters of the Budapest Business Journal have striven to bring you business news that works, information that you can trust, that is factual, accurate and presented without fear or favor.
Newspaper organizations across the globe have struggled to find a business model that allows them to continue to excel, without compromising their ability to perform. Most recently, some have experimented with the idea of involving their most important stakeholders, their readers.
We would like to offer that same opportunity to our readers. We would like to invite you to help us deliver the quality business journalism you require. Hit our Support the BBJ button and you can choose the how much and how often you send us your contributions.