May 2, 2025 - The Financial Market Commission (CMF) published for consultation today a regulatory proposal amending chapters of the Updated Compilation of Rules for Banks on customer service channels. This is pursuant to Articles 37 and 38 of the General Banking Act and according to amendments introduced by Law No. 21,521, also known as the Fintech Act.

The proposal aims to bring current regulations in line with the amendments introduced by the Fintech Act to Articles 37 and 38 of the General Banking Act by focusing on the imperative aspects of said Articles. It deals with issues like minimum working hours for offices; mechanisms/channels enabled for customer service; minimum conditions required for customer service; and requirements for customer service channels.

However, the proposal does not modify in-site service hours. Each banking entity may extend them should it consider it convenient and according to its own cost/benefit analysis.

Pursuant to the Fintech Act, the banking holiday of December 31 will be repealed once the regulation under consultation is issued.

The CMF is moving forward in modernizing the regulatory framework through this proposal and in line with recent legal amendments. However, this regulatory update does not mean the Commission will stop analyzing the current regulatory framework to establish new dispositions, should it deem it pertinent, to strengthen the industry's service standards.

Interested parties can access the Regulations Under Consultation section of the CMF website until May 27, 2025 to review the proposal in detail.