Regulatory Alerts2014-07-28 | Circular 13/2014Added
Circular 13/2014 — Modifies Circular 34/2010
This circular modifies the Credit Card Rules in Circular 34/2010 to specify how excess payments over the minimum required amount must be applied to the highest-interest revolving balance. It also updates the definition of "Issuer" to include regulated multiple banking institutions and multiple-object financial societies with equity links to credit institutions, adjusts the exchange rate calculation margin to 1.01 times the Bank of Mexico's rate, and mandates direct debit authorization for credit card payments. These changes apply to regulated multiple banking institutions and multiple-object financial societies maintaining equity links with credit institutions and become effective on December 22, 2014.