This was confirmed by Banking Superintendent Víctor Urcuyo , who explained that the more restrictive regulations will exclude many individuals from making the cut for a credit card.

“Now banks and users must comply with a series of requisites and procedures included in the regulations. It is the wisest, most complete and most comprehensive legislation we’ve ever issued”.

Source: elnuevodiario.com.ni

More on this topic

Nicaragua: Collusion in Setting Interest Rates?

August 2012

The National Institute for the Promotion of Competition has stated that there is an agreement between banks to fix interest rates on credit cards.

The Supreme Court of Justice (CSJ) of Nicaragua annulled the resolutions issued by Procompetencia against the practice, considerer by the watchdog as abusive against consumers.

Panama: New Rules for Credit Cards

May 2011

The new provision of the Superintendency for Banks has set rules for fee collection and charges by banks.

The agreement will come into force on January 1, 2012 and shall apply to
official banks, general license banks and local businesses of general license banks.

"Among the most relevant points in the new rules is the prohibition from charging fees for the cancellation of credit cards, due to lack of use or for other expenses except from the charges for annual membership. " says an article in Prensa.com " Neither can charges be applied when there is a late payment of a loan, no payment or any other equivalent term when interest charges have been applied for the same period. "

Nicaragua: Less Credit Cards Issued

August 2010

In the first six months of the year, figures show 32,738 less credit card holders.

The head of the Nicaraguan banking regulator, Víctor Urcuyo, indicated that between June 2009 and June 2010, the number of plastic card customers has dropped from 216,369 to 183,631.

Urcuyo added that, "this is due to the regulator's new plastic card standard, now 90 days old, which forces banks to be more responsible.

Nicaraguan Banks Oppose Credit Law Reform

June 2010

They argue that rates cannot be lowered any more, and they would prefer regulations issued by the Superintendence instead of new laws.

Juan Carlos Arguello, president of Asobanp (Association of Private Banks of Nicaragua) said that the sector does not support an amendment to Law 515 of Credit Cards, as they consider more convenient to have regulations issued by the Superintendency of Banks, as this would be "less disruptive to the system", he said.