"In 2020, nonbank financial institutions, despite the coronavirus crisis, increased the volume of transactions. Almost all segments recorded significant profitability ratios, while some showed even record high ratios. Only credit unions suffered losses due to the formation of loan loss reserves," reads the NBU’s April summery of the nonbank financial services market.
According to the NBU, further harmonious development of the sector will ensure the expected adoption of new laws regulating the nonbank financial market in 2021. In particular, it will regulate the issues of transparent ownership structure, solvency, proper risk management, consumer protection.
As Ukrinform reported, on July 1, 2020, the National Bank became the regulator of insurance, leasing, financial companies, credit unions, pawnshops and credit bureaus.
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