Circular 13/2014 — Modifies Circular 34/2010

(First Section) OFFICIAL GAZETTE Monday, July 28, 2014 BANK OF MEXICO CIRCULAR 13/2014, addressed to Multiple Banking Institutions and Multiple-Object Financial Societies Regulated that maintain equity links with Credit Institutions, regarding Modifications to the Credit Card Rules. At the margin a logo, which says: Bank of Mexico. CIRCULAR 13/2014 TO MULTIPLE BANKING INSTITUTIONS AND MULTIPLE-OBJECT FINANCIAL SOCIETIES REGULATED THAT MAINTAIN EQUITY LINKS WITH CREDIT INSTITUTIONS: SUBJECT: MODIFICATIONS TO THE CREDIT CARD RULES The Bank of Mexico, with the purpose of promoting the sound development of the financial system and protecting the interests of the public, deems it convenient to clarify in the "Credit Card Rules" contained in its Circular 34/2010, the manner in which resources from the payment made by the holder of a credit card in each period must be applied, in the event that said payment is greater than the minimum required at the cutoff of said period. Likewise, it considers it convenient to make various clarifications to references to other provisions issued by the Bank itself. For the above, based on articles 28, paragraphs sixth and seventh, of the Political Constitution of the United Mexican States, 24 and 26, of the Bank of Mexico Law, 4, 18 Bis 7 and 22, of the Law for Transparency and Ordering of Financial Services, 48 of the Credit Institutions Law, 87-D, paragraph fourth of the General Law of Organizations and Auxiliary Credit Activities, 4, paragraph first, 8, paragraphs fourth and seventh, 10, paragraph first, 14 Bis, in relation to 17, fraction I, and 14 Bis 1, in relation with 25 Bis 1, fraction IV, of the Internal Regulations of the Bank of Mexico, which grant it the authority to issue provisions through the General Legal Directorate and the General Directorate of Financial System Affairs, respectively, as well as Second, fractions I and X, of the Agreement on the Assignment of Administrative Units of the Bank of Mexico, has resolved to modify the definition of "Issuer" in numeral 1, the numeral 2.10, paragraph second, as well as numeral 2.12, paragraph first, and add numeral 4.3 to the "Credit Card Rules" contained in Circular 34/2010, to remain in the following terms: CREDIT CARD RULES

1. DEFINITIONS "... Issuer: multiple banking institutions and multiple-object financial societies regulated that maintain equity links with credit institutions, that issue Credit Cards. ..." "2.10 ... The exchange rate used to calculate the equivalence of the peso in relation to the dollar of the United States of America, may not exceed the amount resulting from multiplying by 1.01 the exchange rate that the Bank of Mexico determines on the day of presentation of the collecting documents respectively, in accordance with what is provided in article 171 of the Circular 3/2012 issued by the Bank of Mexico and which it publishes in the Official Gazette of the Federacion on the next Business Day. ..." "2.12 The Issuer must allow the direct debit of Credit Card payments to a checking or investment account at any credit institution. To this end, the Issuer must be subject to what is provided in Chapter III of Title Two of Circular 3/2012 issued by the Bank of Mexico. ..." "4.3 In the event that the payment made by the Holder during a payment period is greater than the Minimum Payment corresponding to said period and, on the other hand, the credit line of which it concerns includes a differentiated interest rate scheme, the Issuer must apply the excess of said Minimum Payment, in the first instance, to the amortization of the outstanding balance of the revolving part with the highest rate." TRANSITORY UNIQUE. This Circular will enter into force on December 22, 2014. Mexico, D.F., July 18, 2014.- The General Legal Director, Luis Urrutia Corral.- Signature.- The General Director of Financial System Affairs, Jesús Alan Elizondo Flores.- Signature.

Monday, July 28, 2014 OFFICIAL GAZETTE (First Section) For any inquiries regarding the content of this Circular, please contact the Management of Authorizations, Consultations and Legal Control, at the phones (55) 5237-2308, (55) 5237-2317 or (55) 5237-2000, extension 3200.