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New proposal presented to stop banks using, selling client information

Mexico City, Mexico — Federal Deputy Edgar Romo Garcia, of the Institutional Revolutionary Party (PRI), presented an initiative to prohibit financial institutions from using databases or user information for sale purposes.

Romo Garcia said the new proposal “Seeks to modify various articles of the laws of Protection and Defense to the User of Financial Services and Federal Consumer Protection.”

In the document sent to the United Commissions of Finance and Economy, the legislator proposes fines ranging to anyone who violates that provision.

“It would also prevent financial institutions from doing this with those who have expressed their willingness not to receive such information or not to be disturbed at their home, place of work, via email or telephone or any other means,” he said.

Romo Garcia explained that, “It seeks to modify various articles of the laws of Protection and Defense to the User of Financial Services and Federal Consumer Protection.”

He added that the initiative arises from the need to strengthen the right to privacy, as well as strengthen the powers of the National Commission for the Protection and Defense of Users of Financial Services and the Federal Attorney’s Office.