Argentina reviews 3 financial bills

Argentina's Chamber of Deputies has begun reviewing three bills that would affect banks, fintechs and insurers. One seeks to protect financial users and prevent overindebtedness, another would create a Unified Banking Profile to centralize credit and transaction data, and a third would establish a legal framework for autonomous vehicles, with changes to insurance and reinsurance.

What does the bill for financial users propose?

The bill promoted by Pablo Juliano creates a new regime to protect financial users, with standards for transparency, information and responsibility for banks, credit companies and fintechs, including services offered through digital platforms. The proposal was referred to the Committee on Consumer Defense, User Rights and Competition.

According to coverage from iProfesional and Crónica del NOA, the proposal requires a "reasonable, sufficient and updated" assessment of repayment capacity before credit is granted. It also guarantees clear and free access to the total financial cost, interest rates, fees and commissions.

The same bill allows users to request at any time the suspension of notifications and credit offers, the deactivation of preapproved lines and the blocking of features that provide immediate access to financing. It also provides for a graduated sanctions regime that includes warnings, fines, suspension or disqualification from operating, revocation of authorizations and publication of the sanctions at the offender's expense.

What did Juliano say about overindebtedness?

In an interview with Infobae, Pablo Juliano said the legislative debate aims to limit abusive interest rates and regulate credit practices, including those of fintechs, under the principle of responsible lending. That line of work places the bill within a broader agenda to regulate the digital credit ecosystem.

What is the Unified Banking Profile?

The Unified Banking Profile, introduced by Martín Yeza and referred to the Finance Committee, proposes a centralized record of credit history, financial products, transactions and user behavior. The system would make it possible to compare services within the financial system and ease portability between banks and digital wallets, always with information sharing subject to the user's explicit prior consent.

What changes with autonomous vehicles?

The autonomous vehicle bill seeks to create a comprehensive legal framework for insurance, liability and reinsurance. It includes an amendment to Insurance Law 17,418 to distinguish risks according to the driving mode and ensure payment to victims even when there is no human driver.

It also proposes adding article 119 ter so that unauthorized access, interference with or manipulation of the autonomous driving system can be covered through add-on clauses or specific policies, under conditions set by the National Superintendence of Insurance. It further adds article 162 bis so that the risks of autonomous vehicle circulation are treated as "emerging technological risks" for purposes of their transfer in reinsurance.

Coverage from 100% SEGURO also notes that liability policies should explicitly distinguish between the risk of manual driving and autonomous driving, something that would affect product design, pricing and claims handling.