What do the new modifications sought in the financial sector consist of?
The first proposal change occurred last October when Banxico and the CNBV issued a public consultation for a project seeking to reduce costs to pay by credit and debit card.
Banks, fintech companies and authorities will enter into a debate in the coming weeks to agree on the best conditions that allow users to pay by card at a lower cost, although banks seem unwilling to submit to these conditions.
The debate on this modification is focused on interchange fees, which are the fees charged by banks and other institutions for accepting credit and debit cards at terminals.
In 2023, Cofece warned that the exchange fees in Mexico are among the highest in the world with an average of 1.36%, while in other countries this fee is 0.2% on average. Data from Banco de México highlights that credit card interchange fees reach up to 1.91% of the total payment, while on debit cards the fees reach up to 1.15%.
He second change has to do with a modification with which Banxico seeks change the methodologyformula and assumptions of the Total Annual Cost (CAT).
Experts highlight that with this measure, Banxico seeks to make the CAT more comparable, transparent and realistic for the end consumer.
This will require banks to adjust their simulators, calculation systems and loan contract covers.
When asked about these two projects, the banking union has said that the focus will be on consultations on payments with credit and debit cards since bankers want to prevent the cap on commissions from generating “price control.”
It will be Manuel Romo, director of Banamex, who is leading these comments as a representative of the Association of Banks of Mexico (ABM).
A third setting in the rules for banks it is cooked on the side of the legislators. The Chamber of Deputies approved on Wednesday, November 12, an initiative that seeks to prevent phishing or identity theft; It is also intended that the victims of this crime do not suffer the consequences such as the collection of commissions or damage to their rating in the credit bureau.
One of the measures proposed in the initiative presented by Senator Ricardo Monreal is that credit and debit card users can cancel their card through different channels: in person, by telephone and digitally. The cancellation must be within a maximum of five business days without costs, commissions, penalties or excessive procedures.
This initiative, which must be approved in the Senate, also prohibits the issuance of cards without the express consent of the client.
In this sense, the Supreme Court of Justice of the Nation approved last week a ruling in which banks are obliged to prove with clear documents and reliable procedures that it was indeed the user who consented and carried out each operation.
“This decision strengthens the protection of those who use banking services, prevents improper charges from being attributed to them, and forces financial institutions to act transparently and in accordance with the law,” the Court noted.
