New Costa Rican Financial Superintendent

Francis Lay was appointed Superintendent General of Financial Institutions for the next 5 years.

Friday, March 13, 2009

The new chief, who was appointed by the National Council of Financial System Supervision (CONASSIF), will assume the post next April 1, replacing Oscar Rodríguez Ulloa, who left his post last February 28.

Édgar Delgado wrote in "According to a brief communiqué from CONASSIF, Lay has had a well-known career in the financial environment in Costa Rica. He is currently serving as a director in CONASSIF."

More on this topic

Changes in Banking Regulations in Costa Rica

February 2014

Tighter analysis of customers and better control of risk in lending are part of the changes that are being prepared by the financial regulator.

In 2013 the General Superintendence of Financial Entities (Sugef) began a process of regulatory changes for banks to continue during 2014. Tighter analysis of customers and better control of risk when granting loans are some of the changes being contemplated.

More Controls on Bank Transfers in Costa Rica

September 2013

Sugef has increased controls on transfers exceeding $10,000, as a measure of preventing money laundering and terrorist financing.

The Superintendent of Financial Institutions (Sugef) now has new regulations on money laundering which had been under consultation since September 10th with banks, mutuals, cooperatives, financial, insurance, stock positions and pension operators.

Further Reforms for Credit Flexibility

April 2009

CONASSIF (National Council for Financial System Supervision) of Costa Rica tempered several risk indicators that would allow banks to offer better repayment terms to their customers.

The Chamber of Banking and Financial Institutions of Costa Rica (CBF) had requested a long series of amendments tending toward more flexible criteria for banking supervision in February and the CONASSIF had already made some concessions with regard to risk indicators three weeks ago.

Change in the Financial Superintendent

February 2009

In Costa Rica, exactly at a time when financial operators are asking for greater flexibility, the mandate of the “hard hand of SUGEF” comes to an end.

Upon finalizing his 5 year mandate as the head of the General Superintendent of Financial Companies of Costa Rica, the current Superintendent, Oscar Rodriguez Ulloa, whose management was characterized by productivity in regulations that modernized banking norms and also by an inflexibility in his dealings with supervised companies, will terminate his post on the 28th of February.

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