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COSSEC hosts credit union leaders from the Dominican Republic

Puerto Rico’s Cooperatives Supervision & Insurance Corp. (Cossec, in Spanish) recently hosted a meeting with credit union leaders from the Dominican Republic, who were on the island for a training session on implementing regulatory mechanisms similar to those of Puerto Rico.

The meeting is part of ongoing collaboration between the two island’s credit union systems, Cossec President Mabel Jiménez-Miranda said. Last year, she visited several credit unions in the Dominican Republic to share experiences, which led to continuing the initiative to exchange knowledge and strengthen both cooperative systems, the public corporation explained.

The round of seminars arose from the Dominican sector’s “growing interest in understanding our regulations and receiving specialized training,” she said.

Representatives from Cooperativas de CoopMedica, Cooperativa de Mamoncito, Cooperativa Vega Real, and the Instituto de Desarrollo y Crédito Cooperativo (IDECOOP) in the Dominican Republic participated, with Puerto Rico’s CUNA Mutual Group, which offers insurance and financial services to credit unions, serving as liaison between the groups.

The training covered risk, compliance and information systems examinations conducted by Cossec examiners. It provided practical insights into credit union management.

“This meeting represents an opportunity to continue working together for the well-being of our partners through knowledge exchange and experiences that lead to the development of both cooperative systems,” said Jiménez-Miranda.

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This story was written by our staff based on a press release.

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