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Municipal savings banks: what’s left of the bill allowing them to issue credit cards?

Congress insists on approval and will not need to vote again. | Fountain: Andean

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On February 8, the Economic Commission approved the opinion on insisting Bill to strengthen municipal savings and credit banks to encourage competition for consumer benefits.

With this measure Municipal boxes They can issue credit cards without permission from the Banking, Insurance and AFP if they have been in business for at least 3 years and have assets in excess of 75,000 UIT.

According to Jorge Solis, President of the Peruvian Federation of Municipal Savings and Loan Funds (FEPCMAK), this will expand the offer for users.

“We are going to compete, we are going to expand the offer for customers. We offer to be able to place credit cards with rates ranging from 22% to 28%. On average, rates for Credit cards negotiable more or less by 80 and 86%. So, [nuestra propuesta] It will benefit millions of people,” he said.

What risks might this create?

The bill passed a second vote in October 2022, and a few days later it was transferred to the Government Palace, where it was overseen by the executive branch; at the request of the Banking, Insurance and AFP (SBS).

SBS believes that hours of operation and equity do not guarantee the ability of savings banks to operate risk-reducing systems for issuing credit and debit cards; In addition, its users are at risk of becoming victims of risky transactions such as fraud.

On this occasion, Jorge Solis said that municipal funds have the opportunity to deal with the production and administration of these plastics.

“The boxes meet all the requirements that any financial institution meets. We have no risks, we have an IT department, Market Management, we comply with everything and will not allow customers to receive two or three plastics from completely different persons, ”he assured.

When will it be approved?

According to Ilyich Lopez, secretary of the Economic Commission, the project is awaiting approval at the insistence of the plenary meeting, for this it needs 66 votes in favor and does not require a second vote.

Source: RPP

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