The National Commission for the Protection and Defense of Users of Financial Services (Condusef) made known which were the banks that reproved its evaluation in terms of financial transparency and quality of the information provided on the credit card product. Through a statement, the government agency stated that evaluated 15 financial institutions, of which five failed to comply with some standards.
The analysis was carried out during 2020 with revolving credit cards, that is, with those plastics where the user uses the credit and makes payments, releasing the credit line so that, if needed, it can be used again and so on. .
“The supervision process in terms of transparency consists of verifying that the documents and information used by the Financial Institutions with the users, prior to contracting and during the life of the loan, comply with the applicable regulations,” explained the Commission.
Among the files reviewed, The Condusef collected information from the adhesion contracts, cover page and account statement of some clients of financial institutions and also reviewed aspects such as credit card advertising, website and information brochure, which must contain and comply with the requirements established by the regulations.
Thus, the Commission chaired by Oscar Rosado Jimenez He detailed that, after two reviews, the five banking institutions that failed his evaluation on credit cards were the following: Banco Azteca, BBVA, Banca Mifel, Santander and Citibanamex, The latter bank being the worst rated, with a score of 3.8 (first review) 4.0 (second review) out of 10.
The five aforementioned banks breached information in the contract, including not indicating the amount and calculation of the commissions, of which information was not offered where it could be consulted. In addition, the financial firms did not indicate to the client the decrease in credit lines, nor the CAT that will be charged to clients.
Information on interest rates in nominal and annual terms was also omitted. Regarding advertising, the government agency pointed out that the banks did not specify the interest rate expressed in annual terms, simple and in percentage, did not indicate the amount of the commissions and that the information does not coincide with what is expressed in the contract.
For their part, the best-evaluated banking institutions during the two rounds of the analysis were American Express Bank, with a score of 9.4 and 10; Regional Bank (9.4 and 10), Scotiabank (9.1 and 10) and BanCoppel (9.8 and 10). During the second evaluation, other institutions that achieved an evaluation of 10 were Affirm Banking, BanBajio, North Mercantile Bank Y HSBC Mexico.
Regarding the aforementioned banks, the Condusef He highlighted that from the first review, the firms made all the changes ordered by this National Commission and obtained the highest rating of 10. The results of the evaluation and the detected defaults can be consulted in the Bureau of Financial Institutions in charge of this National Commission in the following link: https://www.buro.gob.mx.
Recently, the Condusef announced that, from January to October of this year, 160 financial institutions have been supplanted through the appropriation of some of their fiscal or administrative data, to which a Popular Financial Society and 18 Sofomes recently joined, whose addresses are in the Mexico City, State of Mexico and Veracruz.
According to the government agency, the impersonation is intended to economically affect those who require a loan, for which it warned that, if any financial institution asks for money from applicants for a supposed loan, they could probably be victims of fraud.