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Mexico: Reform to Protect Financial Consumers Promulgated

(July 9, 2009) On June 25, 2009, the Federal Government of Mexico promulgated a decree on a package of financial reforms prepared last December but deadlocked for the first four months of 2009. The amending decree affects the Law on Credit Institutions, the Law for the Transparency and Ordering of Financial Services, and the Law on the Protection and Defense of Users of Financial Services. The reform aims to protect financial service consumers, permit the strengthening of competition in banking services, and give the National Commission for the Protection and Defense of the Users of Financial Services (CONDUSEF) more power to supervise and impose sanctions. (Decreto por el que se reforman, adicionan y derogan diversas disposiciones de la Ley de Instituciones de Crédito, la Ley para la Transparencia y Ordenamiento de los Servicios Financieros y la Ley de Protección y Defensa al Usuario de Servicios Financieros República, DIARIO OFICIAL (June 25, 2009), available at http://www.dof.gob.mx/nota_detalle.php?codigo=5095899&fecha=25/06/20
09
; Jeanette Leyva Reus, Dan Armas a la Condusef contra las Malas Prácticas de Bancos, EL FINANCIERO EN LINEA, June 26, 2009, available at http://www.elfinanciero.com.mx/ElFinanciero/Portal/cfpages/contentmgr.cf
m?docId=198466&docTipo=1&orderby=docid&sortby=ASC
.)