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Mexico banking group to submit proposal for differentiated banking regulation

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Mexico banking group to submit proposal for differentiated banking regulation

Mexican banking association ABM plans to submit a proposal within the next 60 days seeking to create differentiated regulation for the sector, Reforma reported, citing Luis Rivera, the association's head.

Details of the proposal have not yet been defined, but a working document is circling among bankers to collect views and reach an internal agreement within the industry, according to reports.

In an interview with El Economista, ABM's vice president Julio Carranza maintained that changing regulations for banks "will not put financial system stability at risk," but that it would create a more even playing field across the sector. He noted, as an example, that Mexican banks currently dedicate about 10% of their staff to compliance with regulatory demands, which creates a burden for small and medium-sized institutions.

Earlier in the year, ABM executives had also stated Mexican banks' willingness to scrap commissions on all digital accounts and to work to lower charges linked to remittances.