The U.S. Department of the Treasury awarded $2.5 million in grants to 20 credit unions through its Community Development Financial Institutions Fund to develop more community impact projects, the Credit Union Executives Association announced. Each credit union will receive $125,000 to allow them to prepare to access federal and private funds that will be invested […]
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, […]
The grants allocated to BoniCoop, JayuCoop, GuraCoop and Jesús Obrero totaled $125,000.
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 Associate Chairman of the American Association of Retired Persons, Eddie Olivera-Robles, on Wednesday backed a measure amending the Compulsory Mediation and Home Preservation Act, to give it more teeth when it comes to foreclosure proceedings.
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.
Twenty-five members of Puerto Rico’s credit union sector unveiled today in New York a proposal to restructure the bulk of the government’s outstanding public debt, which calls for reducing the payment burden and providing guarantees to creditors.
A group of Puerto Rican credit unions identifying themselves at the “G25” said Thursday the preliminary restructuring agreement announced by the Government Development Bank and hedge funds this week is unfavorable to local bondholders who will see losses as a result.
Puerto Rico’s credit unions have shown “solid performance” over the past five years, with an 8 percent growth in assets and membership growth of nearly 10 percent.
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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