NewsWhore
10-13-2010, 03:40 PM
The Superintendence of Banks says that many aspects of credit card use in the DR needs to be standardized for the benefit of consumers. Julio Cesar Munoz, director of the of the User Protection Department at the Superintendence said that a proposal for the regulation of credit cards in the DR was submitted to the Monetary Board almost a year ago with no decision from the board. He says the ruling would require banks to present standardized information to unify the concepts and the statements. He said it is important that the user receives the necessary information so that they are clear about the commitments they take on when they acquire a credit card, as reported in El Dia.
Munoz said that the Superintendence could not establish interest rates, as they are market regulated. Some credit card companies charge up to 96% annual interest, making this the most expensive financing that banks offer consumers.
Credit cards are again making headlines after Pro Consumidor department head Altagracia Paulino took on the issue. Consumers complain that banks are not complying with the Superintendence and charge full interest payments, regardless of partial payments being made on consumption.
More... (http://www.dr1.com/index.html#5)
Munoz said that the Superintendence could not establish interest rates, as they are market regulated. Some credit card companies charge up to 96% annual interest, making this the most expensive financing that banks offer consumers.
Credit cards are again making headlines after Pro Consumidor department head Altagracia Paulino took on the issue. Consumers complain that banks are not complying with the Superintendence and charge full interest payments, regardless of partial payments being made on consumption.
More... (http://www.dr1.com/index.html#5)