Saving and credit cooperatives in Mexico
Abstract
The Saving service and Credit Popular (Cajas de Ahorro y Credito Popular) first appeared in Mexico in 1951 at the initiative of the priest Pedro Velazquez, similar to the popular savings banks that existed in Canada, which had been founded by Alphonse Desjardins in the early XX century. These savings service (Cajas de Ahorro) were developing successfully in almost all Mexican communities, most of them remained faithful to the principles and ordinances of the church that gave rise to them, without the government participate in this activity and without policies encouraging or regulatory actions. It was not until 1991 when the General Law of Organizations and Auxiliary Credit Activities (Ley General de Organizaciones y Actividades) was enacted. However, in 2000 they began to emerge problems arising from fraudulent activities by some people taking advantage of loopholes established irregular saving services. Consequently and in order to solve these problems was changing the law. The last of the fraud occurred with the popular financial called FICREA (2015), to which was amended regulatory law again and while thus sought to avoid another fraud, who really was affected is a large amount very poor indigenous and peasants.
Received: 03 June 2015
Accepted: 17 July 2015
Published online: 18 December 2015
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