A. M. 
The Technology, Tourism and Investment Commission continued with the study and analysis of various legislative initiatives, among which the Cooperative Banking Law stands out. During the session, Ana Escobar, representative of the Banco Central de Reserva (BCR), reported on the incorporation of 27 new savings and credit cooperatives to the regulations, including those associations that reach the threshold of US$25 million in deposits plus exports.
At the same time, the Special Law on Savings and Loan Companies was discussed, which will establish a clear procedure for the conversion of these companies into banks. “We are consolidating in a single legal framework all the provisions applicable to these entities”, explained Escobar, stressing the importance of a unified regulatory framework to strengthen the financial sector.
Daniel Deras, also a representative of the BCR, highlighted the benefits that the Law for the Stability of the Financial System and Deposit Guarantee will bring, which seeks to increase confidence in the security of deposits and promote greater competition in the financial market, which in turn could result in lower interest rates.
The Credit Union Federations Law was also discussed, whose main objective is to regulate the financial intermediation activities carried out by these federations. The regulation seeks to ensure that these entities operate under standards that guarantee the transparency and soundness of the cooperative system.
With these advances, the Legislative Assembly reaffirms its commitment to modernize and strengthen the financial system in El Salvador, seeking to guarantee greater security and competitiveness in the sector.
