The system of savings and credit cooperatives unauthorized to raise money from the public (Coopac) is reduced as the SBS deepens its effective supervision of these entities.
In 2019, the Coopac Law came into force, which delegates the supervision of these entities to the SBS. Before that date, although these entities were regulated by the SBS, compliance with the rules was supervised by the Federation of Savings and Credit Cooperatives (Fenacrep), their union, that is, the Coopac were judge and party.
Today, with the supervision of the SBS, from January 2024 to date, 40 savings and credit cooperatives have been dissolved. Of these, 5 were dissolved this year. In addition, of 17 companies intervened by the regulator last year, only four were able to survive and the rest were part of the 40 dissolved.
“The SBS supervises 50 financial institutions including banks, financial companies, municipal banks, rural banks and credit companies (the former edpymes). With 50 entities it had a workload X and a few years ago they told it you have to supervise 400 Coopac , some very small. However, the SBS does not have the hands to supervise so many. It even sounds misleading to say that the SBS supervises the cooperatives because it does not have hands,” said Enrique Castellanos, professor at the Faculty of Economics and Finance. from the University of the Pacific.
As of March 2023, the Coopac Registry, with which the SBS took the first step to supervise these entities, had 348 cooperatives and two cooperative centers. However, to date the registry has 240 entities and two cooperative centers, but not all of them report their financial statements as banks, savings banks, financial companies and credit companies do.
What is the real situation of these entities?
Castellanos stated that the fact that 40 of these entities are closed in one year is a fairly significant number that should call people to reflect on how diligent they should be to entrust their money to a certain entity.
According to the SBS, at the end of June and July 2024, a third of cooperatives reported losses according to the information reported by 191 of these entities. However, the SBS warns that the financial information of the cooperatives is published as it was sent by them, so it does not validate or certify them, leaving its subsequent review to the supervision process it carries out.
The problem
For Castellanos, the problem that cooperatives face comes from their constitution. Unlike municipal, rural, bank and financial institutions that are companies effectively supervised by the SBS, cooperatives are entities that were established through public registries, without the need for a license from the SBS.
According to Castilians, they were formed through the cooperation of a group of people who agreed to support each other through contributions and loans, without a profit purpose. Castellanos indicated that although this sounds “nice”, the problem occurs when the number of 10 participating in the cooperatives goes to 100 or 500.
“Since no one knows each other, there is a management that begins to ‘carousel’, buying nonsense from its ‘friends’ and then, when the business fails, that money is lost and nothing happens. Has anyone been put in jail “How many people have been scammed?” he commented.
“That is the problem with socialism when the money belongs to no one,” Castellanos added.
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