Category Archives: banking and credit unions

Puerto Rico co-ops unfazed by debt-forgiveness talk, Moody’s downgrade

  http://caribbeanbusiness.com/puerto-rico-co-ops-unmoved-by-debt-forgiveness-talk-moodys-downgrade Puerto Rico co-ops unfazed by debt-forgiveness talk, Moody’s downgrade By Eva Lloréns Vélez on October 16, 2017 SAN JUAN –  Cooperatives Supervision & Insurance Corp. (Cossec by its Spanish acronym) Chairwoman Ivelisse Torres said Puerto Rico credit unions, … Continue reading

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Puerto Rico’s fiscal board approves plan for Cossec, lifeline for credit unions

  http://caribbeanbusiness.com/puerto-rico-cooperatives-supervision-insurance-corp-proposes-lifeline Puerto Rico’s fiscal board approves plan for Cossec, lifeline for credit unions By Luis J. Valentín Ortiz on August 4, 2017   FAJARDO, Puerto Rico – Puerto Rico’s financial control board certified Friday, with amendments, a fiscal plan … Continue reading

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Gov’t files bill for Puerto Rico co-ops to comply with fiscal plan

  http://caribbeanbusiness.com/govt-files-bill-for-puerto-rico-co-ops-to-comply-with-fiscal-plan Gov’t files bill for Puerto Rico co-ops to comply with fiscal plan  By Caribbean Business on August 24, 2017 SAN JUAN – The Secretary of Public Affairs and Public Policy, Ramón Rosario, announced Thursday that the Puerto Rico … Continue reading

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Cossec: Co-ops solvent, but face cash-flow problems

  http://caribbeanbusiness.com/cossec-co-ops-solvent-but-face-cash-flow-problems Cossec: Co-ops solvent, but face cash-flow problems By Eva Lloréns Vélez on August 12, 2017 Editor’s note: The following article originally appeared in the August 10 print edition of Caribbean Business. SAN JUAN — While the Cooperatives Supervision … Continue reading

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Cossec restructuring would impact co-ops’ cash flow

http://caribbeanbusiness.com/cossec-restructuring-would-impact-co-ops-cash-flow Cossec restructuring would impact co-ops’ cash flow By Eva Lloréns Vélez on March 26, 2018 SAN JUAN — More than half, or 56 percent, of the $1.5 billion investment portfolio of Puerto Rico’s savings & loan cooperatives is invested in … Continue reading

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Oversight Board proposes adjustments and consolidation for Cossec

The Puerto Rico government forced the cooperativos, aka credit unions, to buy Puerto Rican bonds, which are now considered junk. Sounds like if the cooperativos had to mark these assets to market, many would be insolvent. So the regulator is … Continue reading

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Puerto Rico credit unions not alarmed by decision to ask Fiscal Board to file bankruptcy under Title III

How can they NOT be alarmed? http://caribbeanbusiness.com/28116-2 Puerto Rico credit unions not alarmed by decision to ask Fiscal Board to file bankruptcy under Title III – Caribbean Business Puerto Rico credit unions not alarmed by decision to ask Fiscal Board … Continue reading

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