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Mexican banks no longer have abusive clauses in contracts, Condusef says

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Mexican banks no longer have abusive clauses in contracts, Condusef says

Mexico's consumer protection commission Condusef said that banks no longer have abusive clauses in their contracts as of the end of 2017, El Economista reported.

The report came three years after the government introduced financial reforms in 2014, enabling the commission to detect abusive clauses and impose sanctions on banks and other financial entities.

In 2015, Condusef detected 415 abusive clauses in 1,270 contracts from banks, and also saw 27 abusive clauses in 228 contracts from Sofomes, or financial societies, the publication noted.

By the end of 2017, the commission reported that there were no longer any abuses, which the government described as disadvantageous for clients as they also pose risks to their assets.