Victoria Tolosa Paz: Some want the Santilli-Tolosa Paz rematch and maybe we have a rematch

Victoria Tolosa Paz presented a bill to regulate fintech loans to ANSES beneficiaries and limit the conditions of those loansVictoria Tolosa Paz introduced a bill aimed at regulating the credits offered by virtual wallets to people receiving benefits from ANSES and establishing limits on the conditions of those loans. The initiative, signed by 26 other deputies, aims to prevent over-indebtedness and includes specific measures to protect income of a nutritional nature such as the Universal Child Allowance (AUH) and the Pregnancy Allowance. In an interview with Gonzalo Aziz, Gustavo Lazzari, and Malena de los Ríos on Infobae al Regreso, Tolosa Paz explained that the proposal seeks the Central Bank to set parameters for interest rates, amounts, and loan terms granted by fintechs. It also proposes to modify the criteria used to evaluate applicants and prevent social benefits from being used as guarantees or automatic collection mechanisms. The deputy assured that the goal is not to restrict access to financing for lower-income sectors. "We are not saying cut off credit, quite the opposite: it is the person who needs it most to make ends meet," she stated. According to her, the initiative aims to establish conditions that allow access to loans without the financial cost compromising a significant part of the income used to cover basic needs. Tolosa Paz's proposal suggests that the Central Bank set parameters for interest rates, amounts, and terms of loans issued via virtual wallets (Infobae en Vivo). One of the main points of the proposal is to establish a reference framework for interest rates. Tolosa Paz explained that the project proposes to take as a reference the conditions offered by public and private banks to prevent social benefit recipients from facing disproportionate financial costs. The legislator also questioned the criteria used by fintechs to determine each user's credit risk. "The fintech algorithm works on a negative assessment of those who are informal and have no registered income, but does not consider the regularity of AUH or Progresar scholarships as a positive guarantee," she said. In this regard, the initiative proposes that the regular receipt of income from ANSES be considered favorably when evaluating a credit application. The intention is for the continuity of these incomes to be part of the parameters used to determine both access to financing and its conditions. Tolosa Paz recounted that they conducted a comparison to analyze the differences in loan costs based on the applicant's profile. "We did a test in a neighborhood where an AUH beneficiary faced a financial cost of 477% compared to 38% offered to me, with registered employment," she said. The project seeks for AUH, Progresar scholarships, and other social benefits from ANSES to be considered favorably in credit evaluation (Illustrative Image Infobae). For the deputy, this difference is linked to the criteria used by automated credit evaluation systems, which may consider informal employment as a risk factor without weighing the regularity of a state benefit equally. The second axis of the initiative aims to prevent loan installments from being automatically deducted from social benefits. The project contemplates protecting incomes such as AUH, the Pregnancy Allowance, and other nutritional benefits. Tolosa Paz argued that these resources have a specific purpose and should not be subject to direct debit mechanisms by credit granting companies. "The State puts this money to feed children and it cannot end up in the hands of fintechs through direct debit," she stated. The deputy suggested that the Central Bank could advance with regulation in this regard and cited as a precedent the system implemented in Brazil with the Bolsa Família program. Additionally, the project proposes to set limits on loan amounts and terms. Tolosa Paz explained that regulation should consider the payment capacity of those receiving social benefits to prevent them from taking on obligations they cannot meet with their monthly income. She warned about over-indebtedness among fintech borrowers and noted that about 1.1 million people move around USD 270 million per month (Infobae en Vivo). During the interview, the deputy presented data that, she claims, show the extent of the phenomenon. She stated that around 1.1 million people receive their benefits through fintech and estimated that this movement amounts to about USD 270 million monthly, approximately USD 3.2 billion annually. "That money enters the system, yields 20% annually, but the same person is lent at 477%," she questioned. Based on these numbers, Tolosa Paz argued that access to credit should be maintained but under conditions deemed reasonable for lower-income sectors. "What seems like a solution ends up being a chain of over-indebtedness that no one looks at," she said. The legislator also pointed out that the discussion should not be limited to new loans but include people who have already incurred debts under current conditions. Asked about the existing debt stock, Tolosa Paz said that the State could implement mechanisms to ease families' monthly burden without directly paying off their obligations. Among the alternatives she mentioned are extending deadlines and improving credit conditions, even through tools like the Sustainability Guarantee Fund. "It's not about paying off the debt, but about allowing families to flatten their debt curve and access better terms," she explained. The deputy accused Luis Caputo and the president of Banco Nación of mishandling the SISVIAL trust and did not rule out a political comeback against Diego Santilli in Buenos Aires province (Infobae en Vivo). The proposal thus contemplates two fronts: establishing new rules for future credits and creating mechanisms to improve conditions for those already in debt. During the interview, Tolosa Paz also criticized the government's economic policy and stated that she filed a criminal complaint against the Minister of Economy, Luis Caputo, and the president of Banco Nación for mishandling the SISVIAL trust. She claimed that part of the resources are not reaching the intended destination and called for the State's financial tools to be used to promote production and access to credit for small and medium-sized enterprises. Regarding the Buenos Aires political scene, the deputy was asked about a possible gubernatorial candidacy. Tolosa Paz avoided confirming whether she will be a pre-candidate but assured she will participate in the political dispute. "I will do what I have to do so that Peronism returns to govern the province of Buenos Aires and Argentina," she said. Aziz then asked about the possibility of a new electoral contest against Diego Santilli. "Some want the Santilli-Tolosa Paz rematch. We will wait to see who the opposition candidate is and whether we have a rematch," she replied. –Infobae accompanies you every day on YouTube with interviews, analysis, and the most important news, in a close and dynamic format. • From 7 to 9: Infobae at Dawn: Nacho Giron, Luciana Rubinska, and Belén Escobar. • From 9 to 12: Infobae at Nine: Gonzalo Sánchez, Tatiana Schapiro, Ramón Indart, and Cecilia Boufflet. • From 12 to 15: Infobae at Noon: Maru Duffard, Andrei Serbin Pont, Fede Mayol, and Facundo Kablan. • From 15 to 18: Infobae in the Afternoon: Manu Jove, Maia Jastreblansky, and Paula Guardia Bourdin; rotating during the week: Marcos Shaw, Lara López Calvo, and Tomás Trapé. • From 18 to 21: Infobae at Return: Gonzalo Aziz, Diego Iglesias, Malena de los Ríos, and Matías Barbería; rotating during the week: Gustavo Lazzari, Martín Tetaz, and Mica Mendelevich. Follow us on our YouTube channel @infobae.