Chile to begin Oversight of Non-bank Credit Cards

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00000251-chile-to-begin-oversight-of-non-bank-cred/

By Manuel Farias, Reuters

Chile’s banking regulator said on Wednesday it will begin oversight in May of millions of credit cards issued by retailers.

Superintendent of Banks and Financial Institutions Gustavo Arriagada said at a news conference the agency will regulate non-banks that issue credit cards that are used for more than $35 million in transactions done with businesses not connected to the issuer.

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