MEMORANDUM
TO : ALL CDA REGULATED ENTITIES (CDAREs) OR COOPERATIVES OFFERING FINANCIAL PRODUCTS AND SERVICES, EXCEPT COOPERATIVE BANKS AND INSURANCE COOPERATIVES
SUBJECT : EXTENSION OF DEADLINES ON COMPLIANCE WITH MEMORANDUM CIRCULAR NO. 2023-14 OR THE IMPLEMENTING RULES AND REGULATIONS (IRR) OF THE REPUBLIC ACT (RA) NO. 11765 OR THE FINANCIAL PRODUCTS AND SERVICES CONSUMER PROTECTION ACT (FCPA)
DATE : JANUARY 8, 2025
In line with the implementation of Memorandum Circular 2023-14 or the CDA Implementing Rules and Regulations (IRR) of the Republic Act (RA) No. 11765 or the Financial Products and Services Consumer Protection Act (FCPA), the Authority hereby informs all CDA Regulated Entities (CDAREs) or cooperatives offering financial products and services, except Cooperative Banks and Insurance Cooperatives, of the extension of the compliance deadlines, as follows:
| Requirement | Previous Deadline | Extended Deadline |
| Submission of Gap Analysis Report and Board-Approved Action Plan | December 27, 2024 | June 30, 2025 |
| Full Compliance with RA 11765 and its IRR | July 11, 2025 | December 31, 2025 |
The said extension, approved by the Board of Directors pursuant to Board Resolution No. 027, S-2025 dated January 15 is granted after careful evaluation of various factors affecting CDAREs’ readiness to fully implement the FCPA IRR. The key considerations are as follows:
- Many CDAREs have expressed the need for additional time to realign their policies, systems, and procedures to meet the new regulatory requirements;
- The extension shall allow CDAREs to participate in more capacity-building programs and training sessions by the Authority to equip them with the necessary tools and knowledge for compliance; and
- Ample time is needed for CDAREs to engage their Board of Directors, members, and stakeholders to ensure proper understanding, alignment, and implementation of the changes.
The Authority is committed to supporting CDAREs during this transitional period by providing technical assistance, facilitating information dissemination, and organizing training initiatives.
The Authority strongly urges all CDAREs to use this additional time effectively to achieve full compliance within the extended deadlines. Failure to comply with the extended deadlines may result in regulatory actions or penalties in accordance with the Rule VII of the FCPA IRR.
For further inquiries or clarification, please contact the Credit Surety Fund Section of the CDA Regional Extension Office in the area of operation of the CDARE.
(sdg)ASEC. MYRLA B. PARADILLO
Officer-In-Charge, Chairperson
Download Memorandum HERE
