Regulatory Alerts2022-03-29 | CD-SIBOIF-1305-1-MAR29-2022Temporary Standard Reforming Article 15 of the Standard for Credit Card Operations
The Board of Directors of the Superintendence of Banks and Other Financial Institutions issued Resolution No. CD-SIBOIF-1305-1-MAR29-2022 to temporarily amend the minimum payment calculation for credit cards. The reform defines the minimum payment as a fixed 2% amortization of the principal balance plus current and overdue interest, allowing issuers to set a pre-established minimum fee if the calculated amount is lower. This temporary measure remains valid until March 31, 2023, requires financial institutions to inform clients of the change, and repeals a previous similar resolution from 2021.
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