The Superintendence of Financial and Foreign Exchange Institutions (SEFyC) has launched an investigation to determine if banks have correctly applied the financing plan on credit card balances established by the BCRA, pursuant to Communication A 6964. Under this regulation financial institutions must automatically refinance unpaid credit card balances falling due between April 13 and April 30 to a one-year term, with a three-month grace period, in 9 equal and consecutive monthly installments, at a 43% APR.
The SEFyC will monitor banks to ensure regulatory compliance, even though it received no complaints from financial consumers concerning the installment plan.
Upon the three-month grace period, the first of the nine installments came due in August. Banks had to automatically apply this financing plan for financial consumers with unpaid credit card balances as of April 30.
Financial consumers may submit their claims through link.
