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Congress approved the Community Savings and Loan Fund Strengthening Act (CMAC) a few weeks ago, and the measure was officially released today.
With this law, savings banks will now be allowed to issue credit cards to promote competition in the market. Financial systemBut what requirements do they have to meet?
The initiative, approved at insistence, establishes that savings banks can issue cards if they have assets equivalent to UIT 75,000 or S/371 million 250 thousand in their third year of operation.
If municipal boxes do not meet the above requirement, then they will not be able to issue cards unless the Banking, Insurance and AFP (SBS) authorizes them.
For their part, the State Border Service indicates that if they comply with the requirements of the law, they will not issue a new regulation for issuing these cards.
boxes they will only need to apply the same rules that are set for banks to deliver this product, which means that they must complete a report to the GSB describing their product.
The report provided by SBS serves to describe in detail the operational process, service channels, target market and risks. Financial institutions have up to 10 days to submit this report.
Source: RPP
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.