Regulatory Alerts2020-10-02 | DOF 5601756Added
Notice revoking authorization for Cooperativa de Ahorro y Préstamo Renacimiento Costa de Oro, S.C. de A.P. de R.L. de C.V. to operate as a Savings and Loan Cooperative
The National Banking and Securities Commission (CNBV) revokes the authorization of Cooperativa de Ahorro y Préstamo Renacimiento Costa de Oro, S.C. de A.P. de R.L. de C.V. to operate as a Savings and Loan Cooperative due to its failure to meet capitalization requirements for credit and market risks. The entity's net capital deteriorated significantly, reaching a negative balance of $21,154 thousand as of February 28, 2019, resulting in a capitalization level of -340.51% relative to required levels. The Commission rejected the entity's arguments regarding procedural irregularities and economic hardship, upholding the revocation based on Article 84, Section III of the Law for Regulating the Activities of Savings and Loan Cooperatives.
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