SAN JOSE, Costa Rica — United States credit unions aren't the only financial cooperatives under banker attack. World Council of Credit Union officials and volunteers have been hard at work in Costa Rica, mounting an international lobby effort to fight tax threats facing the Central American country's not-for-profit financial cooperatives.
Officials from WOCCU and the Alabama Credit Union League met with Costa Rican President Oscar Arias S??nchez last week at the request of the Federaci??n de Cooperativas de Ahorro y Cr?(C)dito de Costa Rica R.L. For now, at least, S??nchez and other legislators expressed credit union support.
Credit Union membership is growing at a rate of roughly 15% per year in Costa Rica, where a few credit unions even exceed some banks in terms of asset size.
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The banking industry has been presenting the cooperatives as an untapped source of tax revenue to lawmakers, putting credit unions on edge. WOCCU and FEDEAC officials pledged to monitor legislative activities and respond promptly to any further threats.
"An international lobbying effort carries a lot of weight," said Manuel Bola?,,os, FEDEAC's CEO. "We drove the point that credit unions aren't driven by profit, but rather by the philosophy to serve members."
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