CFN reforms the first-tier credit portfolio sales manual

The General Management of the National Financial Corporation Public Bank (CFN B.P.) approved the reform of the Procedures Manual for the Management of the Sale of First-Tier Credit Portfolios, version 01, through Resolution GG-020-2026, dated August 18, 2026. The regulation was published in the Second Supplement No. 361 of the Official Registry, consisting of 52 pages, corresponding to Thursday, September 3, 2026, and was signed by Mgs. Maricela Benites Loor, General Manager (Acting).

The reform establishes the procedure for the receipt of proposals, analysis, approval, and instrumentation of the cash and non-recourse sale of the entity’s first-tier credit portfolios, as well as post-sale monitoring and the management of operation returns. The objective is to ensure an orderly, efficient, and transparent execution, in accordance with legal regulations and current internal provisions.

Regulatory Framework and Background

The resolution is based on the Organic Monetary and Financial Code, the Commercial Code, and the Constitution of the Republic of Ecuador, as well as the Codification of Resolutions of the Financial and Monetary Policy and Regulation Board and the Codification of the Superintendency of Banks, whose Title VIII, Chapter VII, contains the control regulation for the sale of credit portfolios. The Ecuadorian Technical Standard NTE INEN-ISO 37001 on anti-bribery management systems is also cited.

The process began with the conformity issued by the Compliance Management through the Meeting Minutes GENP-076-2026 (August 11, 2026) and the favorable pronouncements of the Risk Management, the General Legal Sub-management, the Regulations and Processes Management, and the General Operations and Processes Sub-management, all dated August 12, 2026. The Service Quality Management and Institutional Development Committee recommended approval through Resolution CFN-B.P.-GEDE-2026-0030-R, dated August 17, 2026.

Scope and Procedures

The manual covers everything from the receipt of the portfolio purchase proposal to the post-sale monitoring report. It includes the verification of requirements, technical, financial, legal, risk, and compliance analysis, the approval and instrumentation of the sale, the delivery of files, the monitoring of collateral registration, and the handling of return requests. Administration, recovery, and collection are excluded once the transfer to the buyer has been perfected.

The regulation details three procedures:

• Analysis and approval of the portfolio sale, including the review of the proposal, the valuation of the portfolio, and the legal, risk, financial, and compliance reports.
• Instrumentation of the sale, which includes the drafting of the purchase and sale agreement, the application of values, the assignment and endorsement of documents, and the communication to clients.
• Reincorporation of returned operations, including the reactivation of operations and the return of values received subsequent to the sale.

Roles and controls

The manual assigns responsibilities to the Recovery, Portfolio, Custody, and Legal Advisory Specialists and Analysts, under the coordination of the Recovery Management and the Assistant Management of Portfolio and Guarantees. The sale recommendation report must be signed by the Analyst, the Specialist, and the Recovery Manager, and the proposal must be known and approved by the Institutional Board following the recommendation of the Steering Committee.

The reform repeals MP-GOR-02-VC version 00 and its related documents, and enters into force upon its publication in the controlled documents repository. The Recovery Management must submit the regulation to the Superintendency of Banks once it is in effect.

The update of the manual reinforces transparency and control in the disposal of public banking assets, a process that directly affects debtors of the state financial system and potential portfolio buyers, by clearly establishing the deadlines, responsibilities, and controls for each stage.

Source: Official Registry of Ecuador, Second Supplement No. 361, September 3, 2026, 52 pages (official reference: Resolution GG-020-2026, of August 18, 2026).