The Financial Market Commission (CMF) of Chile has issued a sanction against a Savings and Credit Cooperative for charging interest rates that exceeded the Maximum Conventional Rate. The specific cooperative and the exact amount of interest charged above the limit are not detailed in this press release, but the action taken by the CMF is a formal censure.

This enforcement action highlights the CMF's commitment to enforcing consumer protection laws related to lending. Regulated financial entities, particularly cooperatives and other lending institutions, must ensure their interest rate policies strictly adhere to the maximums set by law. Failure to comply can result in regulatory sanctions, including censures, which can impact an institution's reputation and regulatory standing. Compliance officers should review their institution's lending practices and interest rate calculations to ensure they remain within legal limits.