Credit unions in mexico

SUMMARY

Within the Mexican Financial System, which groups together from the financial authorities; such as the Ministry of Finance and Public Credit, the National Banking and Securities Commission, the National Insurance and Surety Commission, the National Commission for the Retirement Savings System, the National Commission for the Defense of Users of Financial Services and, the Institute for the Protection of Bank Savings; going through the banking, securities market, insurance and surety sectors to the sector of financial intermediaries such as the Auxiliary Credit Organizations, in which the Credit Unions are located. This financial sector serves groups of producers, industrialists and service providers that meet homogeneous characteristics and that are associated through the legal form of a Public Limited Company,Legitimate with legal personality and own assets, through articles of incorporation and their respective records before the corresponding authorities and institutions.

CREDIT UNIONS (UC)

According to the Financial Catalog of the Ministry of Finance and Public Credit, the financial sector number 85: Credit Unions, in 2000, there were 222 Credit Unions in operation distributed by all the states of the Mexican Republic. These financial entities are dedicated to managing financing for their members engaged in activities of various types, among which stand out are agriculture, livestock (or agriculture), industrial and commercial; Some of them may be mixed, that is, they work in two or more areas of economic activities, as can be seen in the following tables.

Credit Unions
Business name	Update date
Agrícola del Yaqui, SA de CV	11/17/2000
Abarrotero, SA de CV	11/17/2000
Ganadero de Tabasco, SA de CV	11/17/2000
Industrial y Agropecuario de la Laguna, SA de CV	11/17/2000
Credit Agrícola y Ganadero, SA de CV Credit Union	11/17/2000
Agrícola Ganadero e Industrial de Los Reyes, SA de CV	11/17/2000
Credicor Mexicano, SA de CV	01/22/2002
From the State of Puebla, SA de CV	11/17/2000
Of the Clothing and Embroidery Industry of Aguascalientes, SA de CV	11/17/2000
De Constructores y de Servicios de Yucatán, SA de CV	11/17/2000
Alpura, SA de CV	11/17/2000
Empresarial de Occidente, SA de CV	11/17/2000
Production y Comercio, SA de CV	11/17/2000
Comercial de Distribución de Automóvil, SA de CV	11/17/2000
De la Industria Litográfica, SA de CV	11/17/2000
De Los Fundidores y Maquinadores, SA de CV	11/17/2000
Industrial del Calzado de Jalisco, SA de CV	11/17/2000
Industrial del Calzado de Guanajuato, SA de CV	11/17/2000
Del Comercio, Servicios y Turismo del Sureste, SA de CV	11/17/2000
De las Artesanía y Jewelry, SA de CV	11/17/2000
Del Comercio e Industria y Servicios Turísticos de Occidente, SA de CV	11/17/2000
De Gasolineros de Veracruz, SA de CV	11/17/2000
Del Comercio, Servicios y Turismo de Mazatlán, SA de CV	11/17/2000
From the Industry of the Tannery of the State of Guanajuato, SA de CV	11/17/2000
Of Commerce Services Tourism and Industry of the State of Tabasco, SA de CV	11/17/2000
Fomento Agropecuario Industrial y Comercial de Coahuila, SA de CV	11/17/2000
Empresarial Metropolitano, SA de CV	11/17/2000
Agropecuaria Industrial y Comercial del Sur del Estado de Yucatán, SA de CV	11/17/2000
Of the Small Company and Industry of Querétaro, SA de CV	11/17/2000
Agropecuaria Comercial Industrial y de Servicios del Estado de Colima, SA de CV	11/17/2000
Agricultural and Industrial Center of the State. Chiapas	11/17/2000

SOURCE: Ministry of Finance and Public Credit.

According to article 3 of the General Law of Credit Auxiliary Organizations and Activities (LGOAAC), the following are considered auxiliary credit organizations:

I. General deposit warehouses;

II. Financial leasing companies;

III. Savings and Loan Societies;

IV. Credit unions;

V. Financial factoring companies, and

SAW. The others that other laws consider as such (Congress of the Union, 2001: LGOAAC).

Legal basis for the creation of credit unions.

Authorization will be required from the Ministry of Finance and Public Credit, for the constitution and operation of general deposit warehouses, financial leasing companies, savings and loan companies and financial factoring companies, or from the National Banking Commission in the case of credit unions (Congress of the Union, 2001: article 5 of the LGOAAC).

These authorizations may be granted or denied at the discretion of said Secretariat, or the Commission, as the case may be, according to the assessment of the convenience of their establishment and will by their very nature be non-transferable.

In the case of general deposit warehouses, financial leasing companies, savings and loan companies and financial factoring companies, the Ministry of Finance and Public Credit will listen to the opinion of the National Banking Commission and the Bank of Mexico.

Said authorizations must be published in the Official Gazette of the Federation, as well as any modifications to them.

Only companies that are authorized under the terms of this Law may operate as general deposit warehouses, financial leasing companies, savings and loan companies, credit unions and financial factoring companies.

What credit unions are allowed to do

Credit unions, in the terms of their authorization, may only carry out the following activities (Congreso de la Unión, 2001: article 40 of the LGOAAC):

I. Facilitate the use of credit to its partners and provide its guarantee or guarantee, in accordance with the applicable legal and administrative provisions, in the credits that its partners contract;

II. Receive loans exclusively from its partners, from credit, insurance and surety institutions in the country or from foreign financial entities as well as from its suppliers.

Loan operations that are guaranteed with a mortgage on their properties must be previously agreed in an extraordinary general meeting of shareholders by voting that represents at least seventy-five percent of its paid-in capital, unless they have established a percentage in their bylaws. highest;

III. Issue credit titles, in series or in mass, for placement among the general investing public, except subordinated obligations of any kind;

IV. Carry out all kinds of discount, loan and credit operations with its partners, repayable at terms consistent with those of the passive operations that they enter into;

V. Discounting, giving as collateral or negotiating the credit titles and affecting the rights arising from the financing contracts that they carry out with their partners or from the operations authorized to the credit unions, with the people from whom they receive financing, in terms of the previous section II as well as to affect in irrevocable trust the credit titles and the rights originating from the financing contracts that they celebrate with their partners in order to guarantee the payment of the issues referred to in section III of this Article;

SAW. Receive money deposits from its partners for the exclusive purpose of providing cash services, the balances of which the union may deposit in credit institutions or invest in government securities;

VII. Receive savings deposits from your partners;

VIII. Acquire shares, bonds and other similar titles and even keep them in the portfolio;

IX. Take charge of or contract the construction or administration of works owned by its partners for their use, when those works are necessary for the direct purpose of their companies, negotiations or industries;

X. Promote the organization and manage industrial or commercial companies for which they may associate with third parties.

These operations must be carried out with resources from their paid capital and capital reserves or from loans received for that purpose;

XI. To be in charge of the purchase and sale of the fruits or products obtained or produced by its partners or by third parties;

XII. Buy, sell and trade inputs, raw materials, merchandise and miscellaneous items as well as rent capital goods necessary for agricultural or industrial exploitation, on behalf of its partners or third parties;

XIII. Acquire the goods referred to in the previous section on their own account to transfer or rent them to their partners or third parties;

XIV. Be in charge, on his own account, of the industrial transformation or the benefit of the products obtained or produced by his partners;

XV. The transformation that is indicated in the previous section may be carried out in the industrial plants acquired for this purpose, with a charge to their paid-in capital and capital reserves or with resources from financing of credit institutions;

XVI. Carry out operations on behalf of its partners with financial factoring companies as well as receive assets under financial leasing for the fulfillment of its corporate purpose; and

XVII. Other analogous and related activities authorized by the Ministry of Finance and Public Credit through general rules, hearing the opinion of the National Banking Commission and the Bank of Mexico.

The operations indicated in sections XI to XIII of this Article carried out by credit unions with third parties, in no case will constitute their preponderant activity.

The activities referred to in sections VII and IX to XIII of this Article shall be carried out through a special department.

On the concept and nature of credit unions.

Credit unions must be constituted as variable capital stock companies, in accordance with commercial legislation, insofar as it does not oppose the following provisions that are of general application (Congreso de la Unión, 2001: article 41 of the LGOAAC);

I. The partners may be individuals or legal entities;

II. All shares, whether they are those representing capital without the right to withdraw or those of capital with the right to withdrawal, and except for the characteristics derived from the type of capital they represent, will confer equal rights and obligations to the holders; and

III. For the transfer of shares, the authorization of the company's board of directors will be required.

Of the administration of credit unions.

The activity of credit unions will be subject to the following provisions:

I. The total amount of the real liability added to the contingent, may not exceed in any case thirty times the amount of paid capital and capital reserves. For such purposes, a payable liability shall be understood as the amount of its obligations and joint and several liabilities contracted in guarantee of its partners (Congreso de la Unión, 2001: article 43 of the LGOAAC).

II. The National Banking Commission will set lower limits than those indicated in the previous paragraph, when it considers that the financial and operating circumstances that concur in some credit unions warrant it;

In accreditation or settlement credit agreements, the creditor will reserve the right to negotiate, affect as collateral or endorse to financial institutions in the country, the titles issued by the borrower by the provisions that are being made and will be bound, where appropriate, to rescue them in accordance with the agreement, as the repayments of the credit are made; each disposition will be in accordance with the production cycles; The delay in the payment of a provision, will suspend the exercise of the credit and the future fruits or products and the new goods that the borrower acquires for the service of the productive unit within the term of the contract, will remain in guarantee without the need for further annotations or registrations in the corresponding Public Registry, except in the case of real estate.

When the qualification or settlement credit is complementary to a refactionary credit and is formalized in the same instrument, the terms of that may be extended to those established for the refactionary, provided that the requirements and conditions indicated in the previous paragraph are observed.

The amount of all operations carried out by credit unions to be reimbursed in a term exceeding three hundred and sixty days, may not exceed 80% of their obligations, understood as all the balances that make up the real liability;

IV. The credit operations that they carry out with their partners, must be directly related to the activities of their companies or businesses, and must have the guarantees that are specific to each type of credit, without prejudice to the others that may be agreed.

In operations without collateral, except those of a special department, the total amount practiced by a partner with the union, in no case may exceed ten times the part of the capital of the union paid by the partner plus the proportion that corresponding to the capital reserves, including the surplus from real estate appreciation.

In operations with a real guarantee, the total amount may reach up to forty times the part of the capital of the union paid by the partner, plus the proportion of reserves and the surplus referred to in the previous paragraph.

The balance of the total responsibilities in charge of a partner, including those contracted through a special department, may not exceed fifty times the capital paid by the partner himself plus the reserves and the surplus mentioned in the preceding paragraphs;

V. In the granting and during the validity of credits or loans of any nature, they will be subject to the provisions of Article 73 of this Law;

SAW. The securities that constitute their investments will be those approved by the National Securities Commission, without the investment in securities of the same company being able to exceed 15% of the paid capital of the union, plus the capital reserves, nor 10% of the capital paid from the station;

VIII. The amount of investments in furniture, equipment and real estate for offices and warehouses shall not exceed sixty percent of the paid-in capital and capital reserves, plus the amount of investment in company shares referred to in Article 68 of this Law and those that are organized exclusively to acquire the domain and manage real estate, provided that in any of these, owned by the company, the credit union has established or establishes its main office or a branch or representative office. The investment in said shares and the requirements that the companies referred to must satisfy shall be subject to the general rules issued by the Ministry of Finance and Public Credit;

X. The total amount of investments in industrial plants, added to that indicated in section VIII, minus the unpaid part of the credits received by credit unions for the same purpose, may not exceed seventy percent of the paid capital and capital reserves;

XI. When they have unpaid balances from credits destined for the acquisition of industrial plants, the credit unions may not agree to repay capital with the right to withdraw;

XII. The amount of organizational or similar expenses may not exceed ten percent of the paid-in capital and capital reserves; and

XIII. The deposits of its partners may be withdrawn through receipts, payment orders or any other non-negotiable document. In no case may they be made available by checks.

Credit unions that issue credit titles, in series or in bulk, in the terms of section III of Article 40 of this Law, without prejudice to maintaining the minimum capital established by the same, must have a stockholders' equity for an amount not less than the amount resulting from applying a percentage that will not be less than six percent, to the sum of its assets and, where appropriate, its operations causing contingent liabilities, exposed to significant risk. The Ministry of Finance and Public Credit, hearing the opinion of the National Banking Commission and the Bank of Mexico, and taking into account international practices in the matter, will determine which contingent assets and liabilities should be considered within the aforementioned sum as well as the percentage applicable in the terms of this Article (Congress of the Union, 2001:Article 43-A of the LGOAAC).

For the purposes of this Article, the Ministry of Finance and Public Credit, previously hearing the National Banking Commission and the Bank of Mexico, will point out the concepts that are considered to be part of the stockholders' equity of credit unions.

Credit unions will be prohibited from:

I. Carry out discount, loan or credit operations of any kind with persons who are not members of the union, except with the persons expressly authorized in Article 40, section II of this Law (Congress of the Union, 2001: article 45 of the LGOAAC);

For the loans or credits they receive from their members or associates, credit unions may only issue negotiable documents exclusively with credit institutions in the country, and must be expressed in the text of the documents;

II. Issue any kind of securities, except for the shares of the union and the credit titles referred to in section III of Article 40 of this Law; as well as guaranteeing credit titles with the exception of those subscribed in terms of the provisions of said section III or those issued by its partners, in accordance with the provisions of Article 40 section I of this Law;

III. Enter into companies with unlimited liability and exploit on their own: mines, metallurgical plants, rustic farms, and commercial or industrial establishments, except in the case referred to in Article 40, section XIV of this Law, or when they receive them in payment of credits or in guarantee of those already arranged, cases in which they may continue to exploit them, with prior authorization from the National Banking Commission, for a period not exceeding two years from the date of their acquisition.

In exceptional cases, the National Banking and Insurance Commission may extend this term only once, for the period that in the opinion of the Commission itself is strictly necessary for the transfer of the assets in question, without the extension exceeding two years;

IV. Trading for their own account or for someone else on merchandise of any kind, except as provided in sections XI, XII, and XIII of Article 40 of this Law;

V. Acquire real rights other than collateral, movable and immovable property other than those allowed for unions in this chapter or in excess of the proportions indicated in section VIII of Article 43 of this Law, except those received in payment of credits or by award. When the assets and rights referred to in the preceding paragraph have been acquired in payment of debts or by adjudication at auction within lawsuits related to credits in favor of the union, they must be liquidated, in the case of movable property, within the term of a year from its acquisition and in the case of real estate, within a period of two years;

SAW. Grant bonds, guarantees or sureties or guarantees, unless they are in favor of its partners or the guarantees referred to in section V of Article 40 of this Law;

VIII. Trade on your own shares;

IX. Accept or pay bills of exchange or any other document, in overdraft, except in cases of opening credits arranged in the terms of the law;

X. Carry out future operations for the purchase and sale of gold and foreign currencies;

XI. Do repo operations of any kind; and

XII. Carry out operations by virtue of which its general directors or general managers, commissioners and external auditors may be direct debtors of the establishment, unless these operations correspond to labor loans or are approved by a majority of four fifths of the votes of the board of directors. This rule will apply to the ascendants, descendants or spouses of the indicated persons.

When the investments made in the terms of section VI of Article 43 of this Law, the real rights acquired and the investment surpluses in accordance with section III of said Article 43, exceed in total the amount of paid capital and capital reserves, the union will proceed, within a period of ninety days, from the request made by the National Banking Commission, to the liquidation of said asset in the surplus part, or to the increase of the capital stock necessary to observe said part.

Steering committee of credit unions

It is relevant to note that in the auxiliary credit organizations there is a “holding company” or higher body, as a chamber, to which these duly established unions can join.

Background.

32 years ago the Credit Unions Committee was created within the Bankers Association of Mexico AC, during these years we have represented our partners before the regulatory, fiscal and labor authorities, achieving important benefits for the union sector (Steering Committee of Credit Unions, 2002).

It is considered convenient to seek new ways and strategies to represent, promote and consolidate our organizations, so we decided to form the Steering Committee of Credit Unions, AC, backed by our experience, principles and values.

The mission

The Steering Committee of Credit Unions, AC is a body whose objective is to represent, promote and consolidate credit unions by supporting their comprehensive modernization.

Functions and operation of the Steering Committee of Credit Unions, AC

We are the leading Credit Unions in the business sectors we serve, with the best capitalization levels, the largest portfolio volumes and high rates of professional performance.

The directors of the associated Credit Unions are willing to strive to be increasingly professional, open to sharing experiences and solving common problems as a group.

We operate as a collegiate body, meeting monthly and making joint decisions.

Our supreme body is the General Assembly. In the assemblies, each associated union has the right to voice and vote.

For each union, the President of the Board of Directors or Director or General Manager attends the monthly meetings of partners.

Representation before third parties is held by the Board of Directors, which is elected annually in the assemblies and is made up of a Chairman of the Board, a Chairman of the Public Sector Commission, a Chairman of the Financing Commission, a Chairman of the Commission Development, a Treasurer and a Technical Secretary.

To promote the renewal of leadership, the position of President can only be held for a maximum period of two years and to occupy it, the requirement of having been President of a Commission or Vice President in the previous period is required.

Of the objectives of the committee.

Represent the common interests of the Associated Credit Unions.

Induce the professional performance of Credit Unions to generate positive effects on the image of the sector.

Serve as an organ for the exchange of strategic information, experiences, projects and proposals that promote the development of Credit Unions.

Be a link of the synergies and strengths of our auxiliary organizations, taking advantage of their natural characteristic of integrating companies.

To act as a consultation forum for the authorities of the sector and the development bank.

Propose adjustments to the regulatory legal framework that governs the actions of Credit Unions.

Promote the development and consolidation of funding sources and instruments.

Promote the structural strengthening of Credit Unions, through permanent training of their directors, managers and employees.

Generate monthly statistical information and prepare diagnostic studies and market projection for Credit Unions.

Encourage the incorporation to our Steering Committee of Credit Unions interested in consolidating themselves as authentic financial intermediaries.

Membership requirements.

Credit Unions with current authorization from the National Banking and Securities Commission and that meet the Admission requirements.

Preserve the status of associates who pay the established fees on time and do not incur the exclusion clauses provided.

Our strengths.

28 years of experience professionally represented Credit Unions.

We meet monthly, so we take immediate action to resolve problems and seize opportunities.

The financial and regulatory environment has clearly identified us as a serious and professional association.

We have first-rate training courses on current topics related to Credit Unions.

We permanently invite representatives of regulatory and financial authorities to our monthly meeting.

We are always looking for opportunities and innovations that bring benefits to our associates.

Credit unions, seen by the AC Credit Unions Steering Committee

What are credit unions?

Credit unions are public limited companies with variable capital that are authorized by the National Banking and Securities Commission -CNBV- to operate as auxiliary credit organizations, that is, they are companies that are subject to compliance with the provisions of the Law General of Organizations and Credit Auxiliary Activities and those contained in circulars of the CNBV itself (Steering Committee of Credit Unions, 2002b).

The supervision and surveillance of credit unions is in charge of the CNBV.

As corporations, they must also comply with the General Law of Mercantile Companies, unions are private companies that do not have participation or subsidies from the federal government or public administration entities, their capital is integrated with the contributions made by their shareholders.

The particular Law that governs these companies indicates that they can only carry out operations with their shareholders, who must be individuals with business activity or legal entities; The Law also establishes that no partner can own more than 10% of the paid capital of a credit union.

Services provided by credit unions

There are various operations that a union can carry out with its shareholders, the most common being: 1) grant them loans, 2) receive loans from its partners, banks, development banks and financial institutions abroad, 3) provide partner companies of inputs, raw materials, components or goods and services that they need for their productive operation, 4) provide technical assistance services.

More specifically the operations consist of:

1) Granting of credit: A company - individual or legal entity - can go to a union to manage obtaining financing, accompanying the request with the legal documentation of the company, historical financial statements and, where appropriate, projected during the period requested for credit, copy of the last 3 annual tax returns and the most recent monthly, if financing is required for the purchase of machinery and equipment, the supplier's quotes must be attached. Documents related to the guarantee that will support the financing must also be submitted.

The unions have established policies for granting credit, which the company must comply with to become a creditor of the financing. These auxiliary organizations are not authorized to grant credits for consumption.

The requirements and policies for granting credit may vary depending on the union from whom the financing is requested and it is convenient to take into account that the decision of the credit committee for authorization is not based on the applicant being a shareholder of the union, but in the viability of the company, in the references of the credit bureau and in the proposed guarantees.

2) Loans from partners: Credit unions are also empowered to receive loans from their shareholders. When a company has temporary liquidity surpluses, it can invest them in a credit union, obtaining in exchange very competitive interest rates with respect to those offered by other investment options.

Partner loans are used to grant short-term credits to shareholders of the union or to invest them in government securities and other authorized investment instruments; Unions' available resources to grant loans also come from credit lines with development banks, from capital contributed by shareholders, from accumulated profits, and in some cases from loans from commercial banks.

By operating without subsidies or participations from the federal government or public administration, unions must recover the credits they grant; When a borrower does not cover the financing, the unions can go to court for recovery, which if this is not achieved, affects the assets of the union, harming the other shareholders of the company.

3) Purchases in common: There are credit unions that specialize in certain sectors of economic activity, be it agriculture, agriculture, industry, commerce and services; they also specialize by states or geographic regions.

When a union specializes in economic activities such as the lithographic industry, passenger transport, car dealerships, gas stations, shoe manufacturing or construction, it is possible to group the purchase requirements of each partner company to strengthen the negotiating capacity of the union before the providers of those requirements.

In general, when a company that is a shareholder of a credit union participates in the joint purchase of the goods and services necessary for its production operation or transformation, it manages to obtain better conditions of price, quality and security in the supply.

The commercial margin that the union obtains from these operations is accumulated to the profits for the benefit of its shareholders.

Another option for commercial services is in marketing, since the union can collaborate with a shareholder company to promote the sale of the goods and services that the company produces or provides.

4) Technical Assistance Services: Credit unions specialized in certain economic activities generally establish agreements with service providers focused on the activity in which their shareholders operate; This allows companies to receive technical assistance in better conditions than the option of receiving it individually.

Benefits that members of credit unions can receive

When a company is a shareholder of a credit union, it is usually easier for the directors and directors of that union to understand the convenience of it supporting the project with financing, which is due to the fact that the unions are made up of people who also have companies and who it is easier to understand the needs of applicants.

There are credit unions that pay their shareholders important dividends generated by the financial and commercial operation, so that in addition to receiving a different treatment in the service, there is the possibility of obtaining profits on the shares owned by the partners.

Before making the decision to become a shareholder in a credit union, you have the right to request to be informed of the financial position of the union, the services it provides, the characteristics and requirements of these, the capital, the price of shares and profits accumulated or generated in the year.

As already indicated, credit unions are private companies, and they are also subject to the provisions of the General Law for the Protection and Defense of the User of Financial Services, which is enforced by CONDUSEF.

If you are not yet a shareholder in a credit union and you are interested in knowing in more detail the services you can receive, consult us by telephone for the name of the union that can assist you depending on the location of your company or the activity that perform.

SOME FINANCIAL DATA OF THE COUNTRY'S CREDIT UNIONS

GENERAL DATA	CREDIT OPERATION
No. of Unions	33	Total portfolio	$ 4,808,371
Offices	49	Current portfolio	$ 4,694,022
Partners	34,779	Past due portfolio	$ 114,349
Employees	522	Preventive estimate	$ 34,082
Accepted partners	9,210	Net portfolio	$ 4,774,289
Loan partners	12,486	NPL ratio	2.38%
		Credits granted	$ 10,866,283

AVERAGE MONTHLY WITHDRAWAL	COMMERCIAL OPERATION
Average Loans from Members	$ 3,105,057	Total sales	$ 1,799,523
Average Bank Loans	$ 833.853	Sales cost	$ 1,768,159
Average Monthly Deposit	$ 3,938,910	Commercial Margin	$ 31,364

FINANCIAL POSITION	FINANCIAL RESULTS
Total active	$ 7,262.609	Financial income	$ 738,811
Totally passive	$ 5,845,246	Financial cost	$ 451,753
Stockholders' Equity	$ 1,417,363	Gross Financial Margin	$ 287,058
Capitalization Index	29.48%	Net Financial Margin	$ 244,323
Liquidity Ratio	41.77%	Commercial Margin	$ 31,364
		Total Margin	$ 275.687
		Operating and Administrative Expenses.	$ 207,443
		ISR / IMPAC / PTU	$ 17,525
		Net profit	$ 56,719

CREDITS GRANTED
Credits Granted	$ 10,866,283
By CDUC's Own Resources	$ 9,550,848
Amount Discounted with NAFIN	$ 184,280
% of NAFIN Resources - CDUC	1.70%
Amount Discounted with FIRA	$ 962,436
% of FIRA Resources - CDUC	8.86%
Amount Discounted with FIFOMI	$ 168,719
% of FIFOMI Resources - CDUC	1.55%

NOTE: in thousands of pesos for financial figures. As of October 2002

SOURCE: Credit Unions Steering Committee)

REFERENCES

Congress of the Union (2001). General Law of Organizations and Auxiliary Activities of Credit. Ed. Chamber of Deputies and Senators of the Honorable Congress of the Union. Mexico.

Steering Committee of Credit Unions. (2002a). Background. Ed. CDUC, AC Mexico.

Steering Committee of Credit Unions. (2002b). What are credit unions? Ed. CDUC, AC Mexico.