Regulatory Alerts2008-03-13 | Circular 8/2008Added
Circular 8/2008 — Modifies Circular 15/2007
The Bank of Mexico amends the general provisions regarding the Annual Total Cost (CAT) by modifying assumptions for calculating CAT on revolving credit and housing loans, and by requiring specific CAT disclosure in pre-approved credit offers. The central bank also ceases to sanction multiple banking institutions for non-compliance with previous circulars due to the transfer of authority to other financial regulators. These changes take effect on the business day following the publication of the circular in the Official Gazette.
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