The Public Corporation for the Supervision and Insurance of Puerto Rico Cooperatives, known as Cossec, authorized credit unions to offer loan moratoriums to its members, according to its regulations.
Pedro Roldán-Román, interim CEO of Cossec, said every cooperative wanting to help its members and customers whose incomes are affected following Gov. Wanda Vázquez’s state of emergency declaration and business closures, may establish a loan payment moratorium program.
“The credit union must establish the terms of the program. Each case must be evaluated individually. The credit unions will adopt this program voluntarily and in accordance with financial institutions best practices of sound management,” said Román-Roldán.
He stressed that each credit union must document the members’ income loss or interruption and must keep a detailed list of the members who apply and take part in the benefit.
Credit unions needing more information may contact Juan J. Aulet-Robles, vice president of Cossec’s Technical Support and Supervision Department at 787-622-0957 or via email.