From American Banker By TAMAR FRANKEL July 10, 2014 Many contributors helped bring about the most...
Law for the Protection and Defense of Financial Services Consumers of 1999
(amended through 2009)
The Law for the Protection and Defense of Financial Services Consumers (Ley de Protección y Defensa al Usuario de Servicios Financieros) is Mexico’s foundational consumer protection law for the financial services sector. This law creates the National Commission for the Protection and Defense of Financial Services Consumers (CONDUSEF, or the National Commission). CONDUSEF has substantial powers of inspection and intervention of financial institution operations.
The law is organized as follows:
- Title One General Provisions, Objects, and Definitions:
- Includes provisions granting the Ministry of Finance authority to interpret this law;
- Title Two Powers and Administration of the National Commission:
- Powers include acting as a mediator or arbitration judge between customers and their financial institutions, submitting recommendations to federal authorities, issuing rules and sanctions, revising financial services and loan contracts, investigating and reporting crimes and administrative violations, and publishing product information from financial institutions;
- Title Three Organization and Resources of the National Commission:
- Includes provisions for oversight and resource management for CONDUSEF; establishes the National Consultative Council of CONDUSEF;
- Title Four Consumer Information and the Registry of Financial Services Providers;
- Title Five Mediation and Arbitration Procedures;
- Title Six Defense of Financial Services Consumers:
- Includes provisions for legal advice and defense for consumers;
- Title Seven Supervision of Financial Institutions; and
- Title Eight Sanctions and Administrative Actions.