MNB fines lenders for info provision shortfalls

MNB

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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.

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