Mexico’s National Commission for the Protection and Defense of the Users of Financial Services revealed Thursday that U.S. banks could lose about US$159 billion because of mass deportations of Mexicans.
CONDUSEF also reported that about 66 percent of Mexican immigrants living in the U.S. have at least one U.S. bank account and transfer about US$292 on average to Mexico every month.
The government organization issued a public recommendation to Mexican immigrants to pull funds out of their U.S. bank accounts in order to protect their savings, Sputnik International reported. The organization also warned the U.S. government that mass deportations of Mexicans could lead to “systemic risk” for their financial system.
“As there are new immigration policies, financial loss prevention plans are important to consider,” CONDUSEF wrote in its statement.
“It is no surprise that there is a high number of deportations of Mexican people. This forces us as authorities to strengthen our coordination in order to address it in a comprehensive manner.”
CONDUSEF, referencing the new crackdowns implemented by U.S. President Donald Trump, will begin offering personal financial consulting to Mexican nationals living abroad.
Since taking office last January, Trump has promised to deport all undocumented immigrants living in the U.S., many of whom are from Mexico. Along with making plans to build a wall along the U.S. border with Mexico, he has also promised to collect intelligence on those he wants to kick out of the country.
In fact, software company Palantir is gearing up to finalize the development of a massive database pitted to serve as “the engine for Donald Trump’s deportation machine,” according to an investigative report by the Intercept.
Palantir is reported to be finalizing an intelligence database known as the Investigative Case Management. The ICM will be able to collect bulks of data from federal agencies, which will then be moved to a central database to help track down potential deportees.
Trump is moving forward with these plans, despite the obvious negative financial implications his deportations will have on the U.S. economy.