Revocation of License to Operate as an NSSLA of Bicol Teachers Savings and Loan Association, Inc.
On March 30, 2017, the Bangko Sentral ng Pilipinas issued Circular Letter No. CL-2017-021, announcing the revocation of the license for Bicol Teachers Savings and Loan Association, Inc. to operate as a non-stock savings and loan association. This decision was made by the Monetary Board in Resolution No. 329.A on February 23, 2017, in accordance with Section 22 of Republic Act No. 8367, known as the "Revised Non-Stock Savings and Loan Association Act of 1997." The revocation indicates regulatory measures aimed at ensuring compliance with financial regulations in the Philippines.
Law Information
- Reference Number
- BSP Circular Letter No. CL-2017-021
- Date Enacted
- Category
- Other Rules and Procedures
- Subcategory
- Banks and Banking
- Jurisdiction
- Philippines
- Enacting Body
- Congress of the Philippines
Full Law Text
March 30, 2017
BSP CIRCULAR LETTER NO. CL-2017-021
| TO | : | All Banks and Non-Bank Financial Institutions/Non-Stock Savings and Loan Associations (NSSLAs) |
| SUBJECT | : | Revocation of License to Operate as an NSSLA of Bicol Teachers Savings and Loan Association, Inc. |
The Monetary Board, in its Resolution No. 329.A dated 23 February 2017, approved the revocation of the license of Bicol Teachers Savings and Loan Association, Inc. to operate as a non-stock savings and loan association, pursuant to Section 22 of Republic Act No. 8367, otherwise known as the "Revised Non-Stock Savings and Loan Association Act of 1997."
(SGD.) NESTOR A. ESPENILLA, JR.
Deputy Governor
Cite This Law
Revocation of License to Operate as an NSSLA of Bicol Teachers Savings and Loan Association, Inc., BSP Circular Letter No. CL-2017-021, Mar 30, 2017 (Philippines)
Revocation of License to Operate as an NSSLA of Bicol Teachers Savings and Loan Association, Inc., BSP Circular Letter No. CL-2017-021 (Phil. 2017)
Related Laws
- Amendments to the Manual of Regulations for Non-Bank Financial Institutions Applicable to Non-Stock Savings and Loan AssociationsBSP Circular No. 789-13 • Feb 28, 2013 • Other Rules and Procedures
- Savings and Loan Association ActRepublic Act No. 3779 • Jun 22, 1963 • Statutes
- Revised Non-Stock Savings and Loan Association Act of 1997Republic Act No. 8367 • Oct 21, 1997 • Statutes
- Amendments to R.A. No. 3779 (Savings and Loan Association Act)Batas Pambansa Blg. 62 • Apr 1, 1980 • Statutes
- Amending R.A. No. 3779 (Savings and Loan Association Act)Republic Act No. 4378 • Jun 19, 1965 • Statutes
- Amending R.A. No. 3779 As Amended (Savings and Loan Association Act)Presidential Decree No. 113 • Jan 29, 1973 • Presidential Issuances
Browse More Other Rules and Procedures
Explore other laws in the Other Rules and Procedures category.
View All Other Rules and ProceduresNeed Help Understanding This Law?
Ask our AI assistant to explain provisions, implications, or related laws.
Ask AI About This Law