NCUA–COSSEC partnership will strengthen supervision of Cooperativas
Agreement Underscores Commitment to Collaboration, Supervision, and Information Sharing
ALEXANDRIA, VA (April 27, 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.”
Chairman Harper’s full remarks are available on the NCUA’s website.
“Promoting public employees’ professional development is a priority for this administration and consistent with the public policy of Governor Pierluisi. With that in mind, we are working diligently to address current needs in collaboration with the NCUA,” said COSSEC Presidenta Ejecutiva Jiménez Miranda. “With this agreement we seek to provide the necessary tools to optimize the supervision of the cooperatives and successfully guide employees in their professional development.”
The cooperative system in Puerto Rico continues to grow in size and complexity. Between 2018 and 2022, the number of members in the Puerto Rican cooperative system increased by roughly 12 percent to more than 1.1 million individuals, and total assets, capital, deposits, and loans have risen by an even greater pace during that same period.
Under this memorandum of understanding, NCUA and COSSEC intend to collaborate on examiner educational initiatives that include, but are not limited to, webinars, training events, and written material. The agreement will remain in effect for three years.
“With the growing size and complexity of the cooperative system in Puerto Rico, the NCUA is pleased to work alongside COSSEC to meet emerging challenges,” Chairman Harper said.
About National Credit Union Administration (NCUA)
The NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, the NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 135 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. The NCUA also protects consumers and educates the public on consumer protection and financial literacy issues.