Congress should consider granting the NCUA the authority to guarantee the deposit insurance at Puerto Rico's cooperativas – credit unions chartered and insured by the Puerto Rico government – an attorney for a number of the cooperativas said.
"We were informed that [Congress] was discussing various scenarios," attorney Jose Sosa-Llorens told CU Times.
Sosa-Llorens, a former commissioner for Financial Institutions of the Commonwealth of Puerto Rico, is an attorney representing 25 of the largest cooperativas on the island. Cooperativas are financial institutions that are insured by a territory government agency, the Corporation for the Supervision and Insurance of Cooperatives. There are more than 100 cooperativas in Puerto Rico in addition to 11 credit unions that are insured by the NCUA.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
