Regulation Of The Central Bank Of Argentina For The Protection Of Users Of Financial Services

Author:Canosa Abogados
Profession:Canosa Abogados

On April 5, 2019, the Central Bank of the Argentine Republic ("CBAR") issued the communication "A" 6664 that introduced amendments to the rules for the protection of users of financial services.

It is aimed especially for:

financial entities. trustees of trusts creditors assigned by financial institutions to non-financial companies issuing credit and / or purchase cards, except for operations not included in the "Credit Card Law". In this sense, it contemplates the following changes:

Immediate information to the customer regarding card blocks. Financial entities and non-financial companies that issue credit or purchase cards which due to security measures, make it impossible to use products or services contracted by a user of financial services, must notify the customer of the blockade. The notice must be made the same day of the blocking of the card or account and by electronic medias. They must also inform the reason for the block and how to unblock them. Exchange rate for consumption cancellation with credit card in dollars. It is established that the exchange rate for the cancellation of consumption in dollars with a credit card will be, for issuers financial entities, at most, the selling exchange rate for transactions carried out through a window or through electronic means, as appropriate. If the automatic debit was agreed upon, the seller exchange rate will be applied for operations carried out through electronic means of payment of the closing of the same working day of the payment. In the case of non-financial entities, the maximum exchange rate sold by electronic channels published by the Bank of the Argentine Nation will be applied on the same business day of the payment date.

Additional information on credit card summaries. The exchange rate should be reported in the summaries of the cards as an indicator in the...

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