The following post was provided by Caja Popular Mexicana, a credit union with 2.8 million members and nearly 500 branch locations in Mexico, and a World Council direct member organization.
Caja Popular Mexicana is offering a support program that allows qualified members to skip payments for up to six months on lines of credit, auto loans, mortgages and more if they were directly or indirectly affected by COVID-19.
All members who had such a loan prior to March 31, 2020, will be able to register for the support program until July 29.
This support program was designed in compliance with the commitment and social responsibility that Caja Popular Mexicana has with its more than 2,800,000 members. It was also aligned to the special accounting criteria for Cooperative Savings and Loan Societies (SOCAPs) issued by the National Banking and Securities Commission on April 1, 2020.
In order to provide more options to its members during this pandemic, Caja Popular Mexicana is working on the design of another benefit program the cooperative will later announce and implement.
In addition, to protect the health of partners and collaborators, prevention and sanitary measures continue to be strengthened in its 476 branches in the country. Branch locations offer dispensers with antibacterial gel, and only allow groups of up to 10 people in at one time to promote healthy social distancing.
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As part of these efforts, Caja Popular Mexicana has the digital tools CPM_Móvil and CPM_En Línea, as well as the correspondent service of the more than 17,000 Oxxo stores where members can make their transfers, deposits or credit payments remotely.
We know that it is time to cooperate! And in the face of this pandemic, we all take care of ourselves.
Caja Popular Mexicana is supervised by the National Banking and Securities Commission (CNBV), it is regulated by Banco de México (Banxico) and the Ministry of Finance and Public Credit (SHCP).
Likewise, it is part of the maximum integrating organizations of cooperatives in Mexico and the world such as: Confederation of Cooperatives of Savings and Loans of Mexico (Concamex), Alianza Cooperativa Internacional (COOP), Integradora Central, World Council of Credit Unions (WOCCU) , and the Raiffeisen International Union (IRU).