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.
U.S. Small Business Administration Administrator Maria Contreras-Sweet and National Credit Union Administration Board Chairman Debbie Matz signed a Memorandum of Understanding to invest in the nation’s entrepreneurial potential by expanding the accessibility of small dollar SBA loans from credit unions.
Tired of ATM fees, overdraft penalties, charges for checking account maintenance, among other service expenses, customers are tilting more toward credit unions over commercial banks, the most recent report by the American Customer Satisfaction Index, overseen in Puerto Rico by Anderson Research International, concluded.
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