Financial Services Reform Passed in Mexico Chamber Milenio
go to original September 15, 2013

Last week, the Chamber of Deputies approved the financial reform, which aims to get the banks to lend more and cheaper, according to the initiative presented on May 8 by President Enrique Pena Nieto in the framework of the Pact for Mexico.

The main points of the reform approved in San Lazaro [building where deputies meet], which will now be analyzed and discussed in the Senate are:

• The Bank of Mexico will regulate fees charged by banks and the interest rates that govern credit.
• That there is a new scheme for the Development Bank.
• Generate additional incentives for banks to lend more money and on better terms to customers.
• Promote the financial system and give banks more freedom to operate.
• Maximize loans and encourage private credit.
• Give preference to lending in priority areas of national development.
• Strengthen functions of the National Commission for the Protection and Defense of Users of Financial Services (Condusef), whose determination shall be binding on lending institutions.
• Simplify the schemes for the granting and execution of security for loans to individuals and corporations.
• Make it easier to change banks and move payroll accounts to other institutions.

Read the rest at Mexico Voices

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