Evolving Financial Consumer Protection Standards in Columbia: Issues for Legal Counsels
Abstract
In Colombia, banking has never been just another line of business activity. It has historically been classed as a public service, which has given rise to numerous forms of intervention by public authorities in the activities of banks. This article reviews the evolution of this intervention, which has moved from restrictive regulations enacted to conscript banks into fulfilling public sector expectations to the rise of a strong consumer rights movement endowed with powerful legal tools to make itself heard. It also refers to the role of bank in-house legal counsels in minimizing the downside for banks.
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