Regulatory Alerts2021-07-06 | DOF 5622987Added · Updated
Resolution modifying the General Provisions applicable to Popular Savings and Credit Entities, Integration Organizations, Community Financial Societies, and Rural Financial Integration Organizations under the Popular Savings and Credit Law
The CNBV modifies the General Provisions for Popular Savings and Credit Entities, Integration Organizations, Community Financial Societies, and Rural Financial Integration Organizations to strengthen the legal framework for file integration and mitigate risks from non-presence microcredit. The resolution introduces new definitions for First Loss Coverage Schemes and Pari-Passu Coverage Schemes, allowing Popular Financial Societies to deduct deposits and recognize these coverage schemes when calculating capital requirements for credit risk. It also mandates specific documentation requirements for public entity credits, including registration in the Unique Public Registry and proof of financing ceilings, with strict deadlines for file integration.