Patron: Mexico Banking Reforms Protect Savers Victor Mayen - The News
go to original April 18, 2014

MEXICO CITY – Institutional Revolutionary Party (PRI) Senate Coordinator Emilio Gamboa Patrón said that the recently approved reforms will help with the mismanagement of funds and fraud by savings banks.

Gamboa Patrón said that many Mexicans have entrusted money to these savings banks and have become victims of fraud. He added that the new changes will provide measures to control and carefully observe savings and loans institutions. He said changes will prove to be vital in the improvement and progress toward the nation’s social and financial wellbeing.

Gamboa Patrón said that a quarter of all Mexicans live in 189,000 small towns. These people find it difficult to access banking institutions and are left with basically only two choices when borrowing money: using a loan shark or a savings bank.

The hardships the people face in trying to get a loan has provided an opportunity for lending institutions to attempt to take advantage of the people. Gamboa Patrón said that reforms in 2009 have partially addressed the damages caused by this problem and the new reforms aim to further consumer protection, particularly when it comes to small loans.

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