The federal regulator of credit unions said it signed a memorandum of understanding (MOU) Wednesday with Puerto Rico’s financial institutions supervisor describing how the two plan to cooperate in areas of staff training, supervision and resolution of troubled institutions.
The MOU, the National Credit Union Administration (NCUA) said, was with the Public Corporation for the Supervision and Insurance of Cooperatives of Puerto Rico. The agency noted that between 2018 and 2022, the number of members in the Puerto Rican cooperative system increased by about 12% to more than 1.1 million individuals. It pointed to even faster growth during the same period in the system’s total assets, capital, deposits, and loans.
“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 release states. “The agreement will remain in effect for three years.”