Congress will insist that municipal banks issue credit cards without authorization from the SBS

With 17 votes in favor and 0 against, the Economy, Banking, Finance and Financial Intelligence Commissionapproved this Wednesday, February 8, the opinion of insistence on the autograph of the law to strengthen the municipal savings and credit banks (CMAC) to promote competition for the benefit of consumers. This occurs after the Executive Power decided to observe it.

This legislative initiative, which will be raised again to the Plenary of Congress for approval, seeks to allow municipal savings banks to issue credit cards without prior authorization from the Superintendency of Banking, Insurance and AFP (SBS). However, they must meet minimum requirements.

Likewise, the president of the Economy Commission, rosangella barbaranspecified that they have agreed to several observations made by the Executive Power, such as their exclusion from the CMACs in the financial administration systems of the public sector related to the following systems: National Accounting System, National Multi-year Programming System and Management of Investments, National System of Public Debt and Treasury, National Supply System, National Accounting System and the Fiscal Management System of Human Resources.

“Of all the observations (of the Executive power), a point is being considered in insistence and in all (the others) we are paving the way,” Barbarán explained.

It is important to mention that, according to the approved ruling, the municipal savings banks must have assets equivalent to 75,000 UIT (S/371 million 250,000) after their third year of operation. To date there are nine municipal boxes that meet these conditions, these are: Arequipa, Huancayo, Ica, Mainas, Piura, Sullana, Tacna, Trujillo and Metropolitan.