Mexico’s lower house of Congress has approved
legislation giving the country’s central bank the power to
establish the interest rates banks pay on deposits and charge on
loans, banning some fees altogether, and requiring lenders to offer
a basic credit card with a credit limit of no more than MXN11,500
($892).
The proposed bill also seeks to open up the
country’s payment processing industry to increased competition,
forcing rival networks to connect with each other for free.
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The latest legislation follows the central
bank’s proposal last year to ban several types of commission fees,
with a view to promoting competition by giving banks a greater
incentive to generate revenue from lending rather than depending on
commission and fee income.
Around MXN56.3 billion in fees and commissions
accounted for about 27 percent of the banking industry’s operating
income in 2008.
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