Mexican Credit Union’s $184 Million Fraud Triggers Review
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Mexican credit unions are coming under fresh scrutiny from regulators after the industry’s biggest fraud in more than a decade saddled 6,000 savers with losses.
New rules may include revisions to asset-concentration limits, Gabriel Diaz, vice president of financial regulator CNBV, said in an interview. Ficrea SA, which was seized by regulators in November, had outstanding loans of about 5.8 billion pesos ($395 million), 98 percent to a single company that is now under investigation, according to the CNBV.