Banking Debit Card credit card credit cards debit card Local Law Asamblea Legislativa (El Salvador) Defensoría del Consumidor (El Salvador) Superintendencia del Sistema Financiero (El Salvador) Superintendency of Banks of Panama Armando Arias Asamblea Legislativa (Costa Rica) Asociación Bancaria de Panamá BAC International Bank Banco General (Panama)

Panama: Project for Changing Credit Card Law

Its main objectives are setting fixed interest rates and limit customer's credit card debt.

Thursday, October 15, 2009

©image: John Lambert Pearson

The project also proposes to regulate credit card issuers, by forcing them to obtain a banking license awarded by the Banking Superintendence.

From laestrella.com.pa: "Alcibiades Vásquez, project sponsor, considers regulation is needed, as there is a lot of abuse, and no limits for credit nor interests".

Source: estrelladepanama.com

Key entities

Superintendency of Banks of Panama Asociación Bancaria de Panamá

Countries

Panama

Insight

credit card debit card Debit Card credit cards Banking

Study on Credit and Debit Cards

October 2011

The Costa Rican Ministry of Economy, Industry and Commerce has released a quarterly survey of credit and debit cards relating to data up to April 2011.

The quarterly survey conducted by the Ministry of Economy, containing data up to April, shows that there are 29 credit card issuers in the country, which together offer the market a total of 369 types of cards.

El Salvador: Credit Card Law Needs Improvement

November 2009

The Banking Association remarked there is room for improvement in the credit card law recently approved by Congress.

Armando Arias, head of the Association, argues the law needs to better define how to calculate effective rates.

Laprensagrafica.com reported: "The deadline for credit card issuers to modernize their information systems is another point in need of clarification, argued Arias.

Panamanian Finance Company Investigated

March 2012

The Financial company Pronto Cash has issued a MasterCard card that operates similarly to a debit card, allowing payments to be made electronically, without stating its origin.

An article by Rafael Berrocal in Panamaamerica.com.pa reviews the payment system used by Pronto Cash, noting that "the collection of deposits is reserved for formal cooperative banks, and any other system is considered illegal, according to the financial regulators the MICI and the Superintendency of Banks."

Panama: Credit Card Law Reform

September 2009

The proposed modifications, recently introduced before the National Assembly, intend to better regulate credit cards.

They are based on the law regulating increases in credit card interest rates in the United States.

"It also refers to the use of debit cards, pre-paid ones and financing or electronic payment cards", reports Laestrella.com.pa.

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