Original article: Personas mayores podrían quedar fuera: ODECU cuestiona propuesta de la CMF sobre tarjetas de coordenadas
The Chilean Organization of Consumers and Users (ODECU) has raised concerns regarding a proposed regulatory change from the Financial Market Commission (CMF) that aims to regulate the exceptional maintenance of coordinate cards. The proposal could potentially leave seniors and those with limited access to digital technologies at the mercy of banks regarding exclusion.
According to the organization, the current draft grants a level of discretion to issuers on whether customers can continue to access services or be excluded from the financial system. This could disproportionately impact older individuals and consumers facing real access barriers, such as limited connectivity, a lack of technological skills, or mobility issues.
ODECU argues that instead of safeguarding rights and protecting vulnerable groups, the proposal is too weak and overly reliant on the discretion of individual banks.
“The CMF cannot settle for a rule that lets each issuer determine, based on their own criteria, who deserves support and who does not. When access to basic financial services is at stake, regulation cannot hinge on open formulas,” stated Stefan Larenas Riobó, president of ODECU.
The organization criticized the consulted proposal for not even acknowledging basic rights for customers, such as the ability to request inclusion in the exceptional regime, receive a well-founded response from their bank, or access clear complaint mechanisms.
Additionally, ODECU questioned that the CMF only requires informing customers of the risks associated with maintaining coordinate cards, without setting minimum standards for how to deliver that information or ensuring it is understandable and accessible.
“Providing information is not enough. It is essential to ensure real understanding, effective support, and conditions that enable informed decision-making. Otherwise, the consumer bears the cost of technological migration,” Larenas Riobó concluded in a press statement.
The organization warned that the digital transition must not become a factor for financial exclusion. They believe that if authorities “acknowledge that there are people for whom technological change is not feasible, the exception should be designed as a regulated right, with objective criteria and clear procedures.” They also proposed to incorporate compensatory security measures due to the increased vulnerability associated with coordinate cards.
Among their suggestions, ODECU recommended establishing “common criteria for defining exempt groups, creating a right for requests and reviews, requiring support for assisted migration, and publishing metrics to monitor the impact of the regulation.”
Finally, the organization urged the CMF to correct its course, with Larenas Riobó emphasizing that “financial inclusion requires clear regulation, with a rights-based approach that guarantees access, security, and dignified treatment for all consumers.”
