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The National Commission for the Protection and Defense of Users of Financial Services (Condusef) has failed four banks: Inbursa, Mifel, BanRegio and Multiva in the supervision of the payday loan product.
Inbursa granted a rating of just 1.4, while that in Mifel 2.7, BanRegio 4.0 and Multiva 5.6.
The Condusef explained that the transparency oversight process consists in verifying that the documents and information used by the financial institutions with the users, before the award of the contract and for the duration of the loan, comply with the regulations in force, so that analyze customer records containing documents such as membership contract, coverage and account statement.
It is also verified that the information leaflet, the product advertisement and the website contain consistent information and do not give rise to errors or confusion.
Thus, he explained, among the main breaches of the regulation noted in the files of the customers having engaged a loan on payday, it underlines that the contract of adhesion does not indicate any operations or additional services with an independent signature commissions.
It also does not indicate the terms and conditions of advance and advanced payments; it does not contain the legend of the commissions through the intermediary of bank agents; nor that any modification or restructuring of the contract must have the express consent of the user.
Regarding coverage, he explained that it does not include the total amount to be paid nor a deadline; while the statement of account has no amount, concept, date and currency and does not establish the total amount of fees charged in a box.
With regard to advertising, the Condusef emphasized, the typography of the website must be of a size and a color facilitating its reading; Moreover, it does not contain the obligation to contract; while the website does not indicate how to express the total annual cost, nor the terms of procurement, and that there is no congruence with the contract.
The Condusef announced that it had decided to sanction the 12 evaluated financial entities, which still contained various irregularities in accordance with the standard.
In contrast, the agency explained that the top rated banks were Banamex, BanBajío, HSBC and Scotiabank, with respective scores of 10, 10, 9.6 and 8.6.
He mentioned that the 12 financial institutions that grant payday loans hold 99.8% of the market, the balance of the loan portfolio amounting to 230.697 million pesos.
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