Unions are opposed to the legal reform which aims to extend the scope of the supervision of the Superintendent of Financial System over savings and loans cooperatives.
In the view of Julio Cesar Portillo, secretary of the board of the National Commission for credit unions in El Salvador and CEO of Co-Andes de R.L. ,"... the reform presented to the Legislature, seeks to impose on savings and loans cooperatives a framework of regulation and supervision which is exclusively for private financial companies and for-profit institutions such as banks. "
Increased operating costs because of risk controls imposed by the US have led to correspondent banks avoiding working with small banks.
Maintaining small structures at the same time as paying high costs in order to meet the standards required internationally, primarily in the United States, is no longer viable for banks who want to remain profitable.
Crédito Real paid $70 million for a 70% stake in Marevalley Corporation, a Panamanian holding company for the operating entities Instacredit in Nicaragua, Costa Rica and Panama.
From a statement by Crédito Real:
Mexico City, February 22, 2016. Crédito Real, SAB de CV, SOFOM, ER ("Credito Real") announces the acquisition, through a subsidiary, of 70% of the share capital of Marevalley Corporation, a holding company for Panamanian entities in Costa Rica, Nicaragua and Panama that operate under the brand "Instacredit". This transaction will boost the business diversification of Real Credit.
The beggining of the automatic exchange of information between financial institutions between USA and Panama has been postponed until September 30, 2016.
From a statement issued by the Ministry of Economy and Finance:
The Ministry of Economy and Finance (MEF) today informd the PanamaBanking Association (ABP) that the United States Department of the Treasury announced in writing to the Panamanian government its intention to continue treating the Republic of Panama as if the Intergovernmental Agreement (IGA) negotiated between the two countries to implement the Foreign Account Tax Compliance Act (FATCA) were in force, provided that Panama continues to demonstrate its willingness to sign it.
If the Treasury's proposal succeeds, interest on bank deposits would incur 8% to 15%, while for revenues generated by mutual funds, the tax would rise from 5% to 15%.
This unification is due to the fact that currently there are different taxes for similar types of income, therefore the tax is not neutral, according to the CEO of Taxation. In the case of surplus cooperatives and solidarity associations, the project proposes "... Keeping the current tax of 5% for amounts of income less than minimum wage exempt from tax. "
An analysis of costs, interest rates and annuities on credit cards and other financing cards issued in Panama to February 2015.
The study by the Authority for Consumer Protection and Antitrust indicates that the average interest rates for credit cards and other financing ranges from 7.5% in the case of Visa Platinum card Coop. S / M Professional RL, and 24.82% for the classical or traditional Cashback Visa card, issued by Banistmo.
Iconi Holding and Intermarket are the companies that the Securities Regulator has warned not have support or supervision in the country.
The Superintendency of Securities (Sugeval) has updated the list of unsupervised and unregulated entities for which reports have been received of possible unauthorized securities offerings, which could even be fraudulent.
The Superintendency of Securities in Panama has issued a fine of more than $300,000 for violations and administrative misconduct in the public offering of securities.
The highest fine recorded in the history of the Superintendency of Securities in Panama has generated high expectations, as now they are starting to resolve investigations which were pending and which may also lead to the possibility of criminal investigations.