Understanding the CNBV Intervention
If you are a client of CIBanco, Intercam, or Vector and are concerned about the future of your savings, nomina, and investments due to recent accusations of money laundering and financing illicit activities, it’s crucial to understand the current situation.
First and foremost, the Comisión Nacional Bancaria y de Valores (CNBV) has taken a significant step: the managerial intervention of these financial entities.
This measure implies that key administrative positions within CIBanco, Intercam, and Vector will be occupied by officials directly appointed by the CNBV.
These new directors will be in charge of the banks’ operations and administrative activities, with a primary goal to ensure the safety and protection of clients’ money against any risks that authorities might detect.
Experts’ Perspective: Calm Amidst the Situation
Financial experts agree that clients should remain calm. Mario Di Constanzo Armenta, former president of the Comisión Nacional para la Protección y Defensa de los Usuarios de Servicios Financieros (Condusef), emphasizes that despite the intervention, these financial entities will continue to operate normally.
“Clients should remain calm, so as not to cause a financial panic. Your money is secure, and although there’s a reputational hit against the banks, they will continue to operate normally,” explains Di Constanzo.
He adds that the main objective of this measure is to prevent a liquidity problem from these banking institutions, thereby safeguarding users’ assets.
Carlos Ramírez Fuentes, co-Director of Integralia, echoed the sentiment that calmness is key and that the coming days will be crucial.
He reminded us that bank deposits are covered by a deposit insurance of up to 400,000 UDIS (approximately 3.3 million pesos), meaning that if a bank encounters problems, this is what the government guarantees for you.
However, according to the former Consar president, we are still far from that situation. There are 21 days left for a formal decision by the U.S. Department of Treasury.
For now, the intervention will serve to monitor withdrawals, aiming to prevent any situation and provide clients with more certainty. The CNBV wants to ensure that there is a protection fund, and a deposit protection insurance, so each depositor can make their own decision.
Consider Withholding Your Money Carefully
It’s natural for clients to consider withdrawing their money due to the high reputational impact. However, the former Condusef president advises acting calmly and carefully analyzing any decision regarding your assets’ movement.
He warns about the risk of fraud, as “every cloud has a silver lining,” and it’s possible that other entities might try to take advantage of the situation by offering investments or products with unrealistically high returns and conditions.
If you decide to switch financial institutions, Di Constanzo suggests verifying the regulation, ensuring that the financial entities you plan to use are properly regulated by Condusef.
To do this, you can consult the Sistema de Registro de Prestadores de Servicios Financieros (SIPRES) of Condusef.
It’s essential to remember that CIBanco offers various products, including debit and credit cards, payroll cards, and different investment products. Meanwhile, Intercam provides investment and foreign exchange options within its commercial banking services.
Both CIBanco and Intercam have announced their collaboration with Mexican and U.S. authorities to clarify the situations causing concern among regulatory bodies.
Key Questions and Answers
- What does the CNBV intervention mean? It means that key administrative positions in CIBanco, Intercam, and Vector will be occupied by officials directly appointed by the CNBV to ensure clients’ money safety.
- Will these banks continue operating normally? Yes, according to financial experts and former Condusef president Mario Di Constanzo Armenta, clients should remain calm to avoid a financial panic.
- What protection do I have for my money? Your deposits are covered by a deposit insurance of up to 400,000 UDIS (approximately 3.3 million pesos) in case of bank problems.
- What should I do if I consider withdrawing my money? Experts advise acting calmly and carefully analyzing your decision, as there’s a risk of fraud. Verify the regulation of any new financial institution you plan to use.
- How can I check if a financial institution is regulated? Consult the Sistema de Registro de Prestadores de Servicios Financieros (SIPRES) of Condusef to ensure proper regulation.
