Regulatory Alerts2014-07-28 | Circular 14/2014Added
Circular 14/2014 — Modifies Circular 13/2011
The Bank of Mexico modifies the definition of "Issuer" in Circular 13/2011 to explicitly include unregulated and regulated multiple-object financial societies, popular and community financial societies, cooperative savings and loan societies, fiduciary entities, and development banking institutions that issue credit cards. It adds a new provision requiring issuers to apply any payment amount exceeding the minimum required to the amortization of the outstanding balance of the revolving portion with the highest interest rate. These modifications apply to the specified financial entities and enter into force on December 22, 2014.