Swedish Watchdog Fines Bank $5M Over Credit Breaches

By Dawood Fakhir (June 22, 2022, 3:43 PM BST) -- Sweden's financial regulator issued a penalty and a fine of 50 million Swedish kronor ($5 million) on Wednesday to Resurs Bank AB for not complying with the law on consumer credit and for not observing best practices in lending.

Finansinspektionen said it has been checking credit assessment processes of lenders for compliance with the Swedish Consumer Credit Act and its own guidelines since 2020.

"Resurs Bank has not observed adequately sound lending practices and has not acted in compliance with the consumer credit act," the regulator said.

The bank disagreed with the findings, saying it takes responsible credit lending very seriously...

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