Background on CAME and Sofipo
CAME, or the Sociedad Financial Popular (Sofipo), is a financial institution that has left nearly one million clients affected due to the restriction of operations and closure of branches. This situation has led to unfulfilled obligations towards some of its savers, prompting them to seek answers from authorities.
Protest and Demands
Approximately a month after Sofipo’s issues began, affected individuals gathered to protest at the offices of Condusef, the National Commission for the Protection and Defense of Financial Users. The protesters, originating from Sofipo’s former central offices in Colonia del Valle and ending at Condusef’s location on Avenida Insurgentes, demanded a response from authorities under the slogan “We won’t settle for just deposit insurance; we want our full savings back, including interest.”
Deposit Protection and Concerns
Savings deposited in Sofipo are protected up to 25,000 Unidades de Inversión (UDIs) per client, equivalent to approximately 211,000 pesos. This protection applies if authorities decide to revoke the entity’s status. However, several savers have reported that their resources exceed this limit due to Sofipo’s attractive annual return rates of over 15%.
CNBV’s Involvement
The Comisión Nacional Bancaria y de Valores (CNBV) is currently reviewing CAME’s situation, though it has acknowledged that the entity is not under intervention. A dissatisfied saver, who wished to remain anonymous, mentioned that CNBV assured them they were handling the matter but later directed them to Condusef for assistance.
Protest Actions and Condusef’s Response
Upon arriving at Condusef, around 70 affected individuals blocked Avenida Insurgentes for about two hours, causing inconvenience to passing motorists. The protesters aimed to raise awareness about their inability to access their funds since early April. According to Condusef, they accepted the complaints and would notify the company. However, protesters expressed concern that no conciliation process would be pursued if the company failed to appear.
Key Questions and Answers
- What is CAME? CAME, or the Sociedad Financial Popular (Sofipo), is a financial institution facing operational restrictions and branch closures, affecting nearly one million clients.
- What protection do savers have? Savings in Sofipo are protected up to 25,000 Unidades de Inversión (UDIs) per client, equivalent to approximately 211,000 pesos.
- Who is reviewing CAME’s situation? The Comisión Nacional Bancaria y de Valores (CNBV) is currently examining CAME’s circumstances.
- What are the savers’ demands? Affected individuals want their full savings returned, including interest, and are not satisfied with deposit insurance.
