The Association of Banks of Mexico (ABM) considered that the initiative on the delegated collection of payroll credits that was approved the day before in the Chamber of Deputies, should be reviewed.
The approved opinion allows, among other things, that payroll loans granted by various institutions, mainly non-regulated multi-purpose financial companies (Sofomes ENR), I know get paid directly before the bosses deposit wages to their workers.
In this regard, the ABM stressed that it should be reviewed in order to provide mechanisms that allow workers to decide with what financial institution contract a payroll credit, as well as the dispersion of their payroll.
Also, that competition be promoted, so that more credits are offered and in better conditions; care is taken not to over-indebt workers; and a level floor is established in the regulation for all types of financial entities that grant this type of credit, particularly the Sofomes ENR, known as “nomineras”.
In the same way, so that the transparency and clarity of the credit conditions are guaranteed, and price controls that distort the market are not set.
“The ABM and its associates, respectful of the legislative process, have a constant dialogue and approach with the members of the Chambers of Deputies and Senators, to whom on this occasion we reiterate that they count on us, in order to provide information and elements that pay the work that legislators do for the benefit of our society, on relevant issues such as those related to payroll credit and financing in general”, the agency highlighted in a statement.
He added that he will always support all measures that benefit the worker, such as improving conditions that protect the sufficiency of wages for the needs of families.
Condusef points out inconveniences and possible effects
For its part, the National Commission for the Protection and Defense of Users of Financial Services (Condusef), mentioned that, not least, is that the average Total Annual Cost (CAT) offered by the “nomineras”, exceeds the rates of interest that other agents of the Mexican financial system, for example, banks, offer for payroll loans or personal loans.
“It is important to highlight that the ‘payroll companies’ have granted loans to workers whose credit risk is low, since the source of payment is guaranteed through the worker’s own salary, so high interest rates are not justified,” he said. .
The Condusef added that the initiative establishes excessive obligations for employers, among which are the federal, state and municipal governments, to give notice within 24 hours regarding the disposition of credit resources to borrowers (workers) and creditors ( financial institutions), becoming depositories and joint and several obligors with all the corresponding legal effects, in addition to the responsibility of registering contracts.
“Additionally, the administration of the payroll withholding and the integers to the financial institution become a burden for the human resources areas of the employers, without the possibility of making any payment,” he emphasizes.
He also mentioned that the possibility of refinancing the debts of accredited workers is contemplated, which could cause the cost of the credits to increase and become exorbitant, since it is a new obligation.
“We will be respectful of the decisions of the Legislative Power, but we must clearly point out the serious inconveniences and possible effects on the economy of the workers, if a legal scheme is authorized that, although it regulates, does not do so in an equitable way and safeguarding the primary interest of the users of financial services, in this case the family economy of the workers”, he concludes.
