BSP backs bill streamlining rules for cooperative banks

The Bangko Sentral ng Pilipinas (BSP) supports the passage of a bill that aims to streamline regulatory requirements for cooperative banks.

House Bill 9541, filed in May 2021, seeks to harmonize regulations on cooperative banks under the supervision of the BSP and monitoring by the Cooperative Development Authority (CDA).

The bill ensures that governance rules follow banking laws while promoting a vibrant cooperative banking sector and fostering rural economic growth.