Regulatory Alerts2010-01-18 | Circular 4/2010Added
Circular 4/2010 — Modification to the Rules Governing the Issuance and Operation of Credit Cards
The Bank of Mexico amends section 2.10 of the Rules Governing the Issuance and Operation of Credit Cards to require that credit card payment agreements via direct debit from checking or savings accounts comply with the Bank of Mexico's Rules on Direct Debit in Bank Deposit Accounts. Credit card issuers are mandated to inform cardholders, via their website, contract, or statement, that payments can be made through other credit institutions. This modification becomes effective on February 1, 2010.