New Protection Unit for Cardholders in Guatemala: What Does It Mean for Banks and Users?

The Consumer Assistance and Support Directorate (DIACO), a division of the Ministry of Economy (MINECO) of Guatemala, has launched the FINANCIAL SERVICES PROTECTION UNIT (UPSF) in compliance with the new Credit Card Law, Decree 2-2024, in effect since September 1, 2024. 

The UPSF will act as a mediator in disputes and conflicts related to financial services, addressing user inquiries through in-person, telephone, and online channels. This reinforces the need for financial institutions to maintain transparent and responsible practices in their operations and procedures. 

Additionally, DIACO has signed an agreement with the Superintendence of Banks to strengthen the supervision and protection of cardholder rights. 

Our firm is available to provide specialized advice on how to comply with these new regulations and effectively manage interactions with DIACO’s UPSF, ensuring regulatory compliance and minimizing legal risks. 

For more information on how the UPSF may impact your institution, please contact us.   

For more information, contact us at [email protected]