Regulatory Alerts2016-05-17 | DOF 5437409Added
Notice revoking the authorization granted to Union de Credito General Centro, Sur y Sureste, S.A. de C.V. to operate as a credit union
The National Banking and Securities Commission revokes the authorization of Union de Credito General Centro, Sur y Sureste, S.A. de C.V. to operate as a credit union due to its book capital being consistently below the minimum required for its level of operations. The entity failed to rectify the capital shortfall of approximately $5.25 million to $5.85 million despite multiple corrective orders and opportunities to present evidence between 2012 and 2015. The decision was unanimously approved by the Governing Board on April 29, 2016, following the exhaustion of due process and the rejection of the entity's arguments as unfounded.