Background on CAME and its Significance
CAME, or Sociedad Financiera Popular CAME, is the ninth largest financial institution in Mexico by the number of clients, serving approximately 1.37 million users. However, it holds the highest level of debt among all Sofipos, with a financing banking debt totaling 2,679 million pesos by the end of December 2024, accounting for 43% of all banking debt in the sector.
CAME’s Relationship with Banks
Pablo Varela, former CAME executive director, acknowledged the strong partnership with development banks like Nacional Financiera, FIRA, and Sociedad Hipotecaria Federal. This collaboration provided CAME with funding, enabling its growth over the past 30 years.
CAME’s Financial Status
As of the end of 2024, CAME had accumulated traditional savings from clients totaling 1,599 million pesos. Out of this amount, 1,448 million were fixed-term deposits, while only 151 million remained in immediate demand accounts. This distribution indicates a less liquid savings base with longer-term commitments.
CNBV’s Intervention and Its Implications
The Comisión Nacional Bancaria y de Valores (CNBV) confirmed that the intervention aims to safeguard CAME’s depositors. The official coverage limit set by the Fondo de Protección de Sociedades Financieras Populares y de Protección a sus Ahorradores is equivalent to approximately 212,176 pesos (25,000 UDIS) as of June 15, 2025.
HR Ratings published a report in May 2024, warning about risks linked to the concentration of major depositors. By March 2024, the seven largest clients held a total of 303 million pesos, representing 14.6% of the total capture—approximately 80% of CAME’s cash and cash equivalents.
Next Steps for Depositors
Following the CNBV’s official intervention announcement, the next step is publishing CAME’s situation in the Diario Oficial de la Federación (DOF). Subsequently, the Fondo de Protección will issue a notice in the DOF, informing depositors about the process to claim their interest and request payment.
Depositors will have 180 natural days from the notice publication date to complete this individual process. Required documents include a written request using the Fondo de Protección format, signed by the interested party and addressed to CAME. This request should contain personal information, contact details, customer and account numbers, estimated deposit and interest amounts, preferred payment method, and relevant verification documents.
If a depositor’s CAME deposits exceed the insurance coverage, they must file a formal claim to recover the excess. This procedure is part of CAME’s liquidation or Concurso Mercantil process, managed by the CNBV-appointed liquidator or relevant courts.
CNBV’s Decision
On the previous Friday, the CNBV announced CAME’s intervention under management due to accounting irregularities and substantial capital loss, placing it in Category Four of the Nivel de Capitalización (Nicap), the lowest level and indicating critical financial insolvency.
The CNBV’s Board of Governors decided on June 9 to halt operations and protect depositor interests, as per articles 75 and 78 of the Popular Savings and Credit Law.
In a statement, the authority explained that supervisory visits to CAME since March resulted in various preventive measures. Despite these efforts, CAME’s financial indicators continued to deteriorate, leading to the May 21 notification of revocation of authorization for capitalization requirement non-compliance related to credit and market risks. This process remains ongoing.
