CMF Fines Two Banks for Giving Loans to Child-Support Debtors
Translated from Spanish and summarized by DistantNews. Read the original for the full story.
At a glance
News
Official statement
Outcome reported
- Chile’s Financial Market Commission fined Banco Santander Chile and Banco de Chile for violating Law 14,908.
- The banks granted credit to people listed in the National Registry of Child-Support Debtors, known locally as “papito corazón” debtors.
Chile’s financial regulator has fined Banco Santander Chile and Banco de Chile for granting loans to people listed in the country’s national child-support debtors’ registry.
The Financial Market Commission, known by its Spanish initials CMF, said the banks violated Law 14,908. The law sets restrictions for financial institutions dealing with people recorded as owing child support.
The debtors are commonly referred to in Chile as “papito corazón,” a colloquial term for parents who fail to meet their child-support obligations. The available details identify the sanctions and the alleged violation, but do not state the amount of either fine or explain how many loans the banks issued.
About this summary
Originally published by BioBioChile in Spanish. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.
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