Lopez Obrador rules out changing Mexican banking laws for 3 years

Mexican President-elect Andres Manuel Lopez Obrador said Friday that Mexican banking laws would not be reformed during the first three years of his administration, in an attempt to ease market fears regarding a bill presented by his party to eliminate bank fees.

“Banks will have all the needed guarantees in our country,” Lopez Obrador said during a press conference at his transition headquarters.

“We respect the initiatives launched by lawmakers, but our policy is to leave banking and financial laws unchanged,” he said.

“During the first three years there will be no changes. This is what I told the director of Banco Santander. Banks will have all the needed guarantees in our country,” the president-elect added.

The bill presented on Thursday by Sens. Ricardo Monreal and Bertha Caraveo seeks to put an end to “the alarming and excessive abuse of bank fees that are detrimental to Mexicans” by reforming the laws regulating financial services.

The bill would prohibit banks from charging fees to their customers for several services, including for checking their balances, withdrawing cash at ATMs, and replacing stolen or lost bank cards.