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Municipal Savings Banks Require Law Approval Due to Intrusive Credit Card Delivery Requirements

The executive branch oversaw the autograph of the law, and the municipal funds insisted on approval of the request. | Font: Andean

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Peruvian Federation Municipal boxes Savings and Loan (Fepcmac) asked Congress to push for a law that gives them the power to issue Credit cards.

This request was given after The executive branch respects the autograph of the law, because the alleged issuance of these cards exposes the user to the risk of becoming a victim of financial fraud.

“We (municipal savings banks) have enough experience to take on this responsibility without compromising the interests of our users, we also regulate and we have a lot of security systems,” said Jorge Solis, President Fepmak.

Municipal savings banks offer less interest

Municipal savings banks offer interest below 35% compared to the rate set by large banks (above 70%); For this reason, Solis said that this ability would improve financial accessibility providing access to cheaper loans.

“If this law is not passed, the people will not have a better offer, in addition, they reduce our competitiveness, so we want Congress to approve the insistence initiative, we will not stop being regulated by the Banking Authority, Insurance and AFP,” express.

Currently, city savings banks cover a population of about 7 million people and have issued 36.2% of the total loans to medium and small businesses.

Contradiction

With this law municipal boxes they will be able to issue cards from the third year of operation if they have assets of more than 75,000 UIT.

However, the government insists that there are shortcomings due to computer systems that some manage that cannot manage or take on operational risks.

“The autograph of the law, proposing in its Article 6 the exclusion of CMAC from the scope of the public sector financial management provisions, violates the goal of promoting the distribution and efficient use of revenues corresponding to the human resources of the public sector and administering a registry of said revenues with transparency, legality, efficiency and effectiveness, guaranteeing financial sustainability and financial responsibility through financial human resource management,” they add in the official letter.

Source: RPP

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