Background on Sofipo and CAME
For weeks, savers who entrusted their funds to the Sociedad Financiera Popular (Sofipo) under Consejo de Asistencia al Microemprendedor (CAME) have been seeking information about their investments. In response, nearly 100 affected savers gathered outside the Comisión Nacional Bancaria y de Valores (CNBV) to demand an answer from the regulatory body responsible for overseeing Sofipo.
CNBV’s Statement
A group of CNBV officials, led by the Vice President for Supervision of Popular Finances, Eugenio Laris González, informed the savers that Sofipo had been under CNBV intervention since March. Additionally, Sofipo was classified in Category Four of the Nivel de Capitalización (NICAP), the highest risk level within the regulatory framework, indicating a high likelihood of license revocation.
Sofipo’s Situation
According to the savers, CNBV has information suggesting that Sofipo’s director, Pablo Varela, and a accountant allegedly manipulated reported figures to misrepresent the institution’s financial situation.
“At Stage Three, there could have been a restructuring plan presented by CAME, but at Stage Four, nothing more can be done. They’re just waiting for the process to conclude before starting insurance payouts, but CAME has filed legal appeals and measures to prevent license revocation,” shared one affected individual who met with CAME representatives.
Next Steps
Under the Popular Savings and Credit Law, when a Sofipo is classified in Category Four, the CNBV can request the removal of the director, general manager, or members of CAME’s board to protect savers’ interests and ensure financial institution stability.
However, as the CNBV reported, CAME has filed legal appeals, preventing immediate revocation and subsequent insurance payouts to savers or other obligations of the institution.
“They only informed us that they would notify us once an official decision is made. How long will it take? We don’t know,” expressed an affected individual.
In light of this inaction, CNBV representatives urged savers to transfer their concerns to CAME’s new offices in Colonia Héroes de Churubusco, Iztapalapa.
“They simply advised us to visit the new offices, which opened yesterday. They can’t do anything for us,” said an affected individual.
Key Questions and Answers
- What is the current status of Sofipo? Sofipo has been under CNBV intervention since March and is classified in Category Four of the NICAP, indicating a high risk of license revocation.
- Why can’t the CNBV immediately revoke Sofipo’s license? CAME has filed legal appeals, preventing immediate revocation and subsequent insurance payouts to savers or other obligations of the institution.
- What actions are savers being advised to take? Savers are encouraged to visit CAME’s new offices in Colonia Héroes de Churubusco, Iztapalapa, to address their concerns.
