New Condusef rules establish stricter rules on collection dispatches

The Commission for the Protection and Defense of Users of Financial Services (Condusef) is in the process of implementing its provisions regarding records, which has an impact on the institutions of the financial system supervised by this authority.

In this scenario, these provisions set stricter guidelines in terms of collection offices, according to an analysis of the rules carried out by Samantha Beltrán, a specialist in financial compliance.

“Stricter operating rules are generated for collection offices and the reports that financial entities must submit to the Condusef on a regular basis,” the specialist’s analysis can be read.

According to the document, this aspect is part of the point of the provisions where different portals and systems are created or updated in order to standardize, systematize and concentrate information electronically from financial institutions.

The analysis highlights the points that are clarified regarding extrajudicial collection, which is one that is carried out by the financial institution itself or through a collection office without a court order involved.

Among the acts considered prohibited in extrajudicial collection efforts, which are clarified within the new provisions, the following stand out:

• Omit the name of the financial entity that granted the credit.
• Omit the name of the collection office that performs the management.
• Omit the name of the people responsible for the collection.
• Communicate outside the hours between 8:00 a.m. and 9:00 p.m., according to the time zones of the debtor’s domicile.
• Send or present documents that appear to be judicial writings or appear as representatives of any jurisdictional body or authority.
• Evidence the debtor publicly, through social networks, mass media, black lists, billboards or advertisements, among others; as well as establishing special records, with which the debtor’s refusal to pay is made known to the public.
• Use a name or denomination that resembles a public institution.
• Use telephone numbers that appear on the caller ID as “confidential”, “hidden”, “private” or with any other expression or similar name that makes it impossible to identify them.

According to the records of the Condusef, this authority currently has 2,659 registered offices that act on behalf of different financial entities for collection.

The changes in the regulations

It should be noted that the Condusef published its new provisions regarding records on October 14 in the Official Gazette of the Federation, in order to achieve its most ambitious change, only after the implementation of the 2014 Financial Reform.

According to the analysis of the compliance specialist, the complexity of these provisions lies in the fact that they are abrogated, repealed, created, or updated, different regulations of the agency regarding information from financial institutions.

For example, in terms of the Bureau of Financial Entities, the entities will be obliged to send periodic reports and notices to the Condusef regarding promotions and advertising activities carried out by each financial entity.

“It is even mentioned that the Condusef has the right to veto any commission and there must also be a discretionary sense of a prior analysis by the authority of the commission and promotions that it intends to take out of the market,” the analysis points out.

Within the analysis, a recount of the changes that have come with the publication of these rules is made. Here’s a recount about it:

• Nine provisions are repealed.
• The general provisions applicable to financial entities regarding collection dispatches are repealed.
• The Condusef is empowered for activities that were previously exclusive to other agencies, such as: Adhesion Contracts or portfolio reports.
• Different portals and systems are created or updated that standardize, systematize and concentrate information electronically from financial entities.

Important dates

The analysis lists the important dates that must be considered by financial institutions for the implementation of said provisions, such as:

• November 30, 2020, the obligations of the communication system between financial institutions and Condusef must be complied with, for the reception of promotions, requests, reports and requirements (SINE), as well as the communication channel on electronic procedures between the authority and the institutions (SIGIE).
• November 30, 2022 general rules for receiving promotions and notifications are abrogated and collaboration agreements are void.
• December 1, 2022 deadline for the Condusef to provide the Identity Code that serves as a key for access and identification of financial entities through a representative (CICI), upon request from financial entities.
• December 31, 2022, is the maximum term for changing passwords for different systems and authority registries such as SIGE, SINE, Sipres, Reune, RECA, RECAS, RESBA, Reco, REDECO, Bureau, Public Offering Registry.
• On January 1, 2023, the obligations of the different registries of the authority must be complied with.
• On April 1, 2023, the obligations regarding the Public Registry of Users must be complied with, which is the system where the data of customers who do not want their information to be used for promotions is stored.
• October 13, 2023, is the maximum term that the Condusef has to adapt its internal regulations and make available to financial entities the application programming interface for the exchange of information for Reune and Redeco, while the entities will have 90 days to enable it.
• October 14, 2024, is the maximum term for regulated institutions to adapt their credit account statements in checking accounts associated with credit cards whose adhesion and registration contracts in RECA comply with the rules that Condusef issues no later than January 1, 2023.