The Commission of Economy, Banking, Finance and Financial Intelligence of the Congress of the Republic approved the opinion issued in bills 78/2021-CR, 1014/2021-CR and 1353/2021-CR, which proposes the “Law to strengthen of the municipal savings and credit banks to promote competition for the benefit of consumers.
With 16 votes in favor, the autograph that seeks to enable the entry of multilateral organizations to strengthen the assets of savings and credit banks, in order to promote financial inclusion, especially among small businesses, received the full support of the table, without any abstention or vote against.
“The bills that make up this opinion have the favorable opinion of the SBS, in some cases, with observations that have been accepted in the substitute text. The BCRP, the National Assembly of Regional Governments (ANGR) and the Peruvian Federation of Municipal Savings and Credit Banks (Fepcmac) have also issued their favorable opinion,” said the head of the group, Silvia Monteza.
The PL 78/2021-CRLaw to strengthen municipal savings and credit banks to promote competition for the benefit of consumers, presented by legislator José Luna de Podemos, expands the operations of savings banks so that they can receive demand deposits, issue overdrafts and checks management, in order to make them more competitive.
Meanwhile, the PL 1014/2021-CRLaw that promotes the competitive development of the municipal savings and credit funds (CMAC), presented by the legislator Lady Camones of the Alliance for Progress, excludes the funds from the financial administration of the public sector: National public budget system, National treasury system, National public debt system, Accounting system, Supply system, Multi-year programming and investment management system, among others.
Finally, the PL 1353/2021-CR, Law that enables the entry of multilateral organizations to the municipal savings and credit banks (CMAC), of Congressman Joe Arriola of Popular Action, seeks that multilateral organizations can participate in the shareholding of the banks up to 49%, in order to to strengthen their heritage. The participation in the shareholding of these institutions will be returned to them with a charge to the profits that the savings banks allocate to the municipalities.
“These projects aim to generate more competition in a market where four banks own the entire offer, which is why it has been possible to charge 160% interest for many years. The more the market opens up, the more competition there will be, and we are taking a historic step for small businesses,” Luna said.