Comisión Nacional Bancaria y de Valores. The regulator that licenses, supervises and, where warranted, sanctions banks, regulated SOFOMes (SOFOMes ER), brokerage firms and fintechs authorised under the 2018 Ley Fintech. CNBV looks at solvency and stability; CONDUSEF handles end-customer protection.
What CNBV supervises in practice: universal banks, regulated SOFOMs (SOFOM E.R.), brokerage firms, investment funds and the fintechs licensed under the 2018 Ley Fintech (IFPE and IFC figures). What sits outside CNBV: non-regulated SOFOMs (SOFOM E.N.R. — Kueski, MoneyMan and most digital lenders live here), insurance companies (those fall under CNSF) and pension operators (CONSAR).
When a lender ad says «regulated by CNBV», the honest check is to look up the exact corporate name in the public registry at cnbv.gob.mx — the dropdown filters by entity type. If the entity isn't listed, the claim is misleading. CNBV's angle is prudential: capital, solvency, systemic stability. CONDUSEF handles the consumer-facing complaint side. They rarely overlap on a single case.