Overview
- The Chamber of Deputies approved reforms to the Financial Services Transparency and Regulation Law in an urgent procedure, passing 467–0 and sending the bill to the Senate.
- Issuance of credit or debit cards without verifiable, express consent is declared null, creating no obligations and blocking any reports to credit bureaus tied to those cards.
- Issuers must offer 24/7 in-person, phone and digital cancellation, including a visible online button, apply an immediate preventive block, and complete the process within up to five business days at no cost.
- Banks and commercial issuers are prohibited from charging annual fees, commissions or add-ons not explicitly authorized, and they must reimburse improper charges within five business days.
- Lawmakers cited about 40 million cardholders and Condusef data showing 251,528 complaints in 2024, including 7,594 unaddressed cancellation requests.