Regulatory Alerts2024-04-29 | Circular 5/2024Added · Updated
Circular 5/2024 — Extension of the Deadline for Provisional Measures on Minimum Payment Amounts for Revolving Credit Card Loans Due to Hydrometeorological Damage in Guerrero
Banco de Mexico extends the deadline for financial institutions to suspend the collection of minimum payments on revolving credit card loans for clients affected by Hurricane Otis in the state of Guerrero until October 31, 2024. This modification to Circular 10/2023 allows institutions to waive minimum payment obligations for payment periods between October 1, 2023, and October 31, 2024, provided the clients agree to abstain from such payments under specific institutional programs. The obligation to resume charging minimum payments begins in November 2024 or immediately following the conclusion of any applicable program if it ends earlier. This measure applies to multiple banking and financial entities, including regulated and unregulated multiple-object financial societies, popular and community financial societies, and cooperative savings and loan societies with operation level IV.
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