The Teller Window, a publication from the New York Fed, highlights the increase to 86 cooperativas now certified as CDFIs. #NewsismyBusiness
Rural cooperatives, including current and previous USDA borrowers, must submit their Letters of Intent on or before 11:59 p.m., Sept. 15, 2023. #NewsismyBusiness
The agreement was signed June 10.
The Cooperative Development Commission and the Pontifical Catholic University of Puerto Rico (PUCPR) are partnering to promote the co-op structure as an effective business model for entrepreneurship. CDCo-op Commissioner Glorimar Lamboy-Torres, PUCPR President Jorge Iván Vélez-Arocho signed an agreement recently that seeks to establish the foundations and joint work plans to develop and run services […]
A group of 32 credit unions in Puerto Rico received about $6 million in assignments from the U.S. Department of Treasury’s Community Development Financial Institutions Fund (CDFI Fund) to expand their services to economically disadvantaged communities. The allocation constitutes the largest amount granted by the U.S. Treasury to co-ops in Puerto Rico, reaching $10 million […]
A group of Puerto Rico credit unions filed an "adversary proceeding" before Judge Laura Taylor Swain, who presides over Puerto Rico's Title III bankruptcy proceedings.
The Cooperative Development Commission (CDCoop) and the Agriculture Department (DA) signed a collaborative agreement Tuesday to promote the cooperative model through the development of agricultural enterprises and the creation of youth agricultural programs.
The U.S. Department of Agriculture has unveiled new rules to expand access to capital for rural businesses, in partnership with the U.S. Treasury Department, USDA Rural Business-Cooperative Administrator Sam Rikkers said Wednesday.
TransCita, a company that provides transportation to health providers, announced the launch of its new program “TransCita Asiste,” directed at all Puerto Rico co-op’s and associations.
The Corporation for the Supervision and Insurance of Puerto Rico Cooperatives, known as COSSEC in Spanish, has adopted a new policy of modernization, innovation and technology to facilitate information between co-ops and the government, President Daniel Rodríguez-Collazo said Thursday.
The Corporation for the Supervision and Insurance of Puerto Rico Cooperatives, known as COSSEC in Spanish, announced Monday the implementation of a temporary rule applicable to the distribution of surplus revenue — a statute designed to ensure the health and financial soundness of the island’s credit unions in the face of credit rating changes.
Puerto Rico’s co-ops is ready to weather the storm expected from the decision by Standard and Poor’s to downgrade the island’s credit rating to junk, contrary to other economic sectors, which may be adversely affected, industry representatives said Wednesday.
Puerto Rico’s financial system — which comprises local and international commercial banks, cooperatives, mortgage and investment companies, and public banks, among others — reported $147.6 billion in assets during the third quarter of 2013, down about 2 percent from the $151.2 billion on record for the same period in 2012.
UBS Financial Services Inc. of Puerto Rico recently held a breakfast meeting with Puerto Rico credit union clients to discuss the island’s financial outlook for 2014.
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