REGULATING AGENCY: Public Corporation for the Supervision and Insurance of Cooperatives of Puerto Rico | Corporación Pública Para la Supervisión Y Seguro De Cooperativas de Puerto Rico
COSSEC is a Public Corporation of the Government of Puerto Rico, created by virtue of Law No. 114-2001 to regulate and supervise cooperatives in Puerto Rico, and is attached to the Cooperative Development Commission of Puerto Rico, through Law No. 247 of 2008. In addition, it manages the Share and Deposit Insurance Fund, insuring the shares and deposits of the more than 1.3 million members and depositors of the savings and credit cooperatives that operate under Law No. 255-2002.
- Mabel Jimenez Miranda, Executive President
- Website: cossec.pr.gov
League of Cooperatives of Puerto Rico
The League of Cooperatives of Puerto Rico is the integrating body of the Puerto Rican Cooperative Movement. Our main functions are the representation of cooperatives before the state, promotion of cooperatives, defense of cooperative principles, fostering integration and the development of cooperative education.
- Mildred Santiago Ortiz, Executive Director
- Website: liga.coop
- Largest SCU: Rincón Savings and Credit Cooperative $875M in assets
- Largest FCU: CARIBE FCU $657M in assets
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Sept. 22, 2023 — The financial standing of Puerto Rico’s credit has shown a “significant improvement” in the last two quarters of this year, according to the most recent figures of the Credit Unions Financial Stability Index prepared by Estudios Técnicos Inc. (ETI). Another positive aspect for the credit unions this year is the quality of assets that remains stable, according to the most recent figures published by the Cooperatives Supervision & Insurance Corp. (COSSEC, in Spanish), the regulatory body that oversees credit unions in Puerto Rico, the analyst firm noted. Read more
Apr. 28, 2023 — The National Credit Union Administration and the Public Corporation for the Supervision and Insurance of Cooperatives of Puerto Rico today signed a memorandum of understanding to collaborate on and provide staff training opportunities, identify enhanced supervision approaches, and develop methods to promptly resolve troubled cooperatives.
“This agreement represents an important milestone in the NCUA–COSSEC relationship and a commitment to working together for the benefit of all cooperative members,” NCUA Chairman Todd M. Harper said. “I have seen firsthand how the cooperative movement in Puerto Rico has changed lives by promoting financial security and opportunity. The NCUA–COSSEC relationship will strengthen COSSEC’s supervision of the cooperativas and lead to a stronger, more dynamic system to benefit all Puerto Ricans.” Read more
Institute of Cooperativism of The UPR-RP Announces Alliance with the Network of Cooperatives of Inclusiv
Apr. 21, 2023 — The Institute of Cooperativism of the Faculty of Social Sciences at the University of Puerto Rico, Río Piedras Campus (UPR-RP) and Inclusiv Network signed a collaboration agreement to promote growth and community development initiatives of savings and credit cooperatives from the country.
With its investment in Jesús Obrero, Inclusiv becomes the first U.S. investor to target the island’s financial cooperative system.
Feb. 2023 — Certified Community Development Financial Institution (CDFI) intermediary Inclusiv has become the first U.S.-based investor to support Puerto Rican cooperativas, according to a Monday announcement. The New York, N.Y.-based organization, in partnership with Deutsche Bank Americas Foundation, completed its first capital deployment on Dec. 16, 2022 into Cooperativa de Ahorro y Credito Jesús Obrero.
Inclusiv said the initial investment, totaling $1 million, was made possible by a Program-Related Investment (PRI) loan under Deutsche Bank Americas Foundation’s New Initiatives Fund. The Fund, created in 1997 by Deutsche Bank, “provides flexible financing that serves the needs of the poor and disadvantaged communities within the United States and throughout the developing world,” according to Deutsche Bank USA’s website.
Based in Guaynabo, Puerto Rico, Jesús Obrero is a U.S. Treasury-certified CDFI and part of Puerto Rico’s cooperativa (financial cooperative) system – the third-largest financial conglomerate on the island that serves more than 1.2 million member-owners in 75 of Puerto Rico’s 78 municipalities. Read more