COSSEC meets with Federal Home Loan Bank in New York officials
May 8, 2024
The meeting comes after a new regulatory interpretation of the Federal Housing Financing Agency (FHFA) came into force last month. #NewsismyBusiness
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Federal Home Loan Bank discusses membership eligibility of Puerto Rico co-ops
April 5, 2024
This clarity provided by the FHFA makes it easier for Puerto Rican cooperatives to access financial services and stability. #NewsismyBusiness
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COSSEC hosts credit union leaders from the Dominican Republic
March 22, 2024
The meeting was part of the joint work and collaboration agreements that have been carried out with the neighboring country’s credit union system. #NewsismyBusiness
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Puerto Rico co-ops’ insurer partners with InfraGard for cybersecurity
March 14, 2024
The agreement looks to protect the cooperative sector from cyberthreats. #NewsismyBusiness
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Cossec focuses on financial education for Puerto Rico’s elderly
March 5, 2024
The training sessions aim to prevent exploitation and scams. #NewsismyBusiness
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Puerto Rico gov’t: Indicators show Puerto Rico’s economic growth
January 3, 2024
Most sectors of the economy have shown year-over-year growth and consistency. #NewsismyBusiness
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COSSEC signs agreement to support DomRep co-op system
June 14, 2022
The agreement was signed June 10.
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Puerto Rico credit unions close ’21 with $10.7B in assets and deposits
February 28, 2022
COSSEC confirmed the “solidity and solvency of the credit union system.”
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Pontifical Catholic University, COSSEC establish internship program
December 7, 2021
The Pontifical Catholic University of Puerto Rico’s Legal Assistance Clinic and the Public Corporation for the Supervision and Insurance of Puerto Rico Cooperatives (COSSEC, in Spanish) have reached a first-time agreement to establish an internship program for law students. Through the agreement, participating students will gain experience in administrative and civil law evaluating complaints presented […]
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Puerto Rico credit unions could dip into $3B federal revitalization fund
December 29, 2020
The Public Corporation for the Supervision and Insurance of Puerto Rico Cooperatives (COSSEC, in Spanish) confirmed that local credit unions will be able to access some $3 billion in budgetary allocations included in the new federal economic stimulus package that seeks to revitalize communities with low and moderate resources. The federal funding bill allocates $3 […]
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P.R. credit unions have 1M+ members, gov.’t regulator says
March 21, 2019
Puerto Rico’s credit unions have more than 1 million members, according to the latest financial and statistical quarterly report presented by the Public Corporation for the Supervision of Puerto Rico Cooperatives, or COSSEC for its initials in Spanish. This achievement is part of the goals set by past Cooperative Development Commissioner, or CDCoop, Ivelisse Torres-Rivera, […]
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Co-op regulator drafting fiscal stability plan for Board
October 25, 2016
The Public Corporation for the Supervision of Puerto Rico Cooperatives, or COSSEC as the entity is known in Spanish, confirmed it is drafting a “fiscal stability plan” where the sector will present strategies to stabilize the island’s co-op system and its more than 1 million members.
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P.R. credit unions have $486M in reserves to face losses
June 29, 2016
Due to the possibility of a government default on some $2 billion in debt service due July 1, Puerto Rico credit unions confirmed they have enough financial capacity to face the situation, with $486 million in reserves to face possible investment losses.
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Credit unions rack up $1.3B in mortgage loans in 1Q15
May 20, 2015
The Public Corporation for the Supervision of Puerto Rico Cooperatives, or COSSEC as the entity is known in Spanish, said Tuesday that the island’s credit unions approved some $1.3 billion in mortgage and mortgage-related loans during the first quarter of 2015, for a combined portfolio of 18,385 financing agreements.
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Co-op movement forming ties with Cuban counterparts
March 18, 2015
The Corporation for the Supervision and Insurance of Puerto Rico Cooperatives, known as COSSEC in Spanish, is moving forward in striking up talks with Cuban counterparts, to ultimately set off diplomatic relations between both islands, and other Caribbean jurisdictions.
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