Introduction to the CNBV Project
Jiutepec, Morelos. The National Banking and Values Commission (CNBV) is working on a regulatory improvement project focused on strengthening protection for users of Financial Popular Societies (Sofipos) against fraud and liquidity risks. According to Lucía Buenrostro, CNBV’s Vice President of Regulatory Policy, the proposal is currently open for public consultation.
User Frustration and the Need for Action
Buenrostro highlighted that there has been significant frustration among users who fall victim to fraud or lose part of their assets. Often, they feel that their cases are not adequately addressed. This project aims to ensure that institutions diligently follow up on complaints and provide clear explanations to affected parties, she explained during the 10th Congress of the Mexican Association of Sofipos.
Alignment with National Strategy
The official emphasized that this plan aligns with the national strategy to enhance financial security and user confidence.
“The regulatory project against fraud is a concrete and cross-cutting action aimed directly at restoring public trust in institutions,” she pointed out.
In this context, Buenrostro mentioned that the capital and liquidity of Sofipos are crucial for their stability. “We have identified that some organizations face problems precisely because they lack this solidity, which becomes a vulnerability for the system,” she stated.
New Regulations on Fraud Prevention
When answering questions from the media, Buenrostro detailed that the new fraud prevention regulations will be based on amendments to the General Provisions Applicable to Credit Institutions.
- Identity Theft: Preventing the impersonation of users.
- Data and Financial Information Theft: Protecting users’ personal data and financial information.
- Institution Identity Usurpation: Stopping unauthorized use of the institution’s identity.
- Privileged Information Misuse: Addressing employee misuse of confidential information.
- Electronic Media Manipulation: Countering malicious code-based alterations to operations.
- Transaction Sensitivity Limits: Establishing boundaries for sensitive transactions.
“This model mirrors the one applied to banking, with the difference being that transactional amounts will not be set here. Instead, internal controls, complaint attention, and failure identification will be reinforced: whether the issue lies with the institution or the user,” Buenrostro clarified.
