By San José, Costa Rica — SAN JOSÉ – Responding to pressure from Costa Rica’s top financial watchdog, the Savings and Loan Fund of the National Association of Educators (Caja de Ande) has submitted a formal Institutional Strengthening Action Plan to the General Superintendency of Financial Entities (Sugef). The move is a direct consequence of the regulator imposing a critical “Irregularity 1” rating on the institution, signaling significant operational and governance concerns.
The corrective plan, delivered personally by top executives, outlines a strategic roadmap intended to overhaul internal management practices and significantly enhance standards of quality, transparency, and service for its vast membership of educators. The submission marks a pivotal moment for the financial entity as it seeks to address regulatory findings and restore full confidence within the financial sector and among its shareholders.
To better understand the legal framework and governance challenges surrounding Caja de Ande, TicosLand.com sought the analysis of Lic. Larry Hans Arroyo Vargas, a prominent attorney from the specialized firm Bufete de Costa Rica, who provides a clear perspective on the institution’s responsibilities.
The core legal challenge for Caja de Ande lies in balancing its social mandate to support educators with the stringent financial regulations imposed by SUGEF. Its Board of Directors carries a significant fiduciary duty to safeguard members’ assets, meaning every operational and investment decision must withstand rigorous legal and financial scrutiny. Failure to do so not only risks regulatory sanctions but could also open the door to civil liability claims from its affiliates.
Lic. Larry Hans Arroyo Vargas, Attorney at Law, Bufete de Costa Rica
Indeed, this legal framework highlights the immense pressure on Caja de Ande’s leadership, where every decision must weigh its social mission against uncompromising financial and legal standards. We thank Lic. Larry Hans Arroyo Vargas for his valuable perspective, which clarifies the profound responsibility the institution holds in safeguarding the assets of the nation’s educators.
Sugef’s intervention was triggered by a comprehensive study that uncovered several areas of weakness within Caja de Ande’s operations. The regulator’s report specifically highlighted deficiencies in the quality of corporate governance and shortcomings in the institution’s legal and regulatory compliance environment. These findings point to systemic issues that require immediate and thorough remediation to ensure the long-term stability and integrity of the organization.
Furthermore, the supervisory body identified significant weaknesses in the quality of risk management. According to Sugef, Caja de Ande must improve its processes for identifying, evaluating, and measuring financial risks, a core function for any financial institution. This criticism strikes at the heart of the entity’s ability to protect its members’ assets and navigate a complex economic landscape effectively.
The development of this action plan is a clear demonstration of our commitment to continuous improvement and transparency. We undertake this with the certainty that its execution will further strengthen the trust of our shareholders and provide greater institutional soundness.
Carmen Martínez, General Manager of Caja de ANDE
In a clear signal of the plan’s seriousness and credibility, its development was supported by the technical expertise of Bernardo Alfaro Araya, a former superintendent of Sugef. His involvement suggests a robust approach grounded in deep regulatory knowledge, aimed at not just meeting but exceeding the supervisor’s expectations. The direct delivery of the document by General Manager Carmen Martínez and Board President Dixie Campos to Sugef’s offices underscores the leadership’s commitment to the process.
The leadership at Caja de Ande has framed this challenge as a turning point for the institution. They emphasize that the plan’s objectives extend beyond merely satisfying regulatory requirements, viewing it as a fundamental opportunity to modernize and fortify the entire organization from within. The focus is on creating a more resilient, efficient, and member-centric entity.
This plan transcends regulatory compliance; it represents an opportunity to raise the standards of quality, transparency, and service we provide to each shareholder. The measures we will implement will strengthen internal management, optimize processes, and promote a more agile, transparent, and approachable service.
Dixie Campos, President of the Board of Directors of Caja de Ande
The successful execution of this strengthening plan will be closely monitored by Sugef, the financial community, and, most importantly, the thousands of Costa Rican educators who entrust their savings and financial future to Caja de Ande. The coming months will be crucial in determining whether these proposed reforms translate into tangible improvements in governance, risk management, and overall institutional health, securing its vital role in the national financial ecosystem.
For further information, visit cajadeande.fi.cr
About Caja de Ahorro y Préstamos de la Asociación Nacional de Educadores (Caja de Ande):
Caja de Ande is a prominent financial institution in Costa Rica dedicated to serving the nation’s educators. As a savings and loan fund, it provides a range of specialized financial products and services, including savings accounts, personal loans, and investment opportunities, tailored to the needs of its members within the education sector.
For further information, visit bccr.fi.cr
About Superintendencia General de Entidades Financieras (Sugef):
The General Superintendency of Financial Entities, known as Sugef, is Costa Rica’s primary financial regulatory body. Operating under the Central Bank of Costa Rica, its mission is to supervise and regulate the country’s financial institutions to ensure the stability, solvency, and transparency of the national financial system, thereby protecting the interests of the public.
For further information, visit bufetedecostarica.com
About Bufete de Costa Rica:
Bufete de Costa Rica is a cornerstone of the legal community, built upon a foundation of principled counsel and exceptional service. The firm consistently pioneers forward-thinking legal strategies for a diverse clientele, adapting to an ever-evolving judicial landscape. Beyond its practice, a core tenet of its mission is to democratize legal understanding, thereby strengthening society by equipping citizens with the knowledge to navigate their rights and responsibilities.
