NCUA: Not talking intervention in Puerto Rico

A credit union trade report said – and NCUA later confirmed – that the agency is not involved in talks regarding insurance for credit unions chartered and currently insured by the Puerto Rican government.

NAFCU is closely monitoring reports on the Puerto Rico fiscal situation for any sign this may change.

Credit Union Times ran a story Wednesday that quoted a former Puerto Rico financial institutions commissioner indicating NCUA and Treasury were discussing what intervention NCUA might provide to those institutions amid Puerto Rico’s fiscal crisis.

The former regulator, Jose Sosa-Llorens, is an attorney who reportedly now represents 25 of Puerto Rico’s largest “cooperativas.” The story notes there are more than 100 cooperativas (credit unions) in Puerto Rico and 11 U.S.-chartered credit unions insured by the National Credit Union Share Insurance Fund.

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