JAM, LLC met today with the FNCS (Federación Nacional de Caja Solidarias) in Mexico City to explain the SOFIPO (Sociedad Financiera Popular Organización) or credit union portion of the financial project JAM is undertaking in Mexico. This credit union will be based on the US credit union model. The FNCS has taken great interest in this project, and going to speed the licensure process for JAM.
As previously mentioned, the SOFIPO will be built on a US model, with depositors as "shareholders," with low minimums with high benefits. There will be a $50 MXN minimum for depository accounts, all accounts will be interest earning, with free basic checking, and relaxed lending standards and interest rates.
"These are exciting times for Mexico," stated Gilda Pérez, Controller for the FNCS. "We are anxious to help JAM speed the process to begin offering this opportunity to the public."
"We presented our case, and it was well received. Our timing couldn't be better, and we are sure this will be an integral part of the federal government's Stronger Mexico initiatve, and will help propel our country into completed nation status," said Enrique Ordieres, CFO of JAM, LLC. "We are doing this for the people, and the people will benefit. We will build it and they will come."
"We are pleased at the excitement shown by the FNCS, and we will do everything to give them exactly what they need, and will work with them to insure the people see a new opportunity in Mexico's financial market," to quote Martín Lemus, COO of JAM, LLC in a later interview.