WASHINGTON -- Mexican bank advocates are crying foul over the Federal Reserve Board's decision Wednesday to let seven U.S. banks set up shop there while continuing to debate whether Mexican institutions can expand here.

"The overall appearance of the thing is, here you have Nafta and the American banks going in, and you have the appearance that the Mexican banks are not," said a foreign bank representative who requested annonimity.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.