MADISON, Wis. - Guatemalan credit union representatives were recently in Washington, D.C. to attend lobbying and grassroots workshops hosted by CUNA and the World Council of Credit Unions as part of WOCCU's People-to-People program, and to visit with members of Congress to gain recognition (CU Times, May 23.) Now Federacion Nacional de Cooperativas de Ahorro y Credito (FENACOAC) is working to pass credit union legislation in Guatemala that calls on the Central Bank of Guatemala to officially recognize and examine credit unions. Last year, the Guatemalan government passed a law added 10% tax to each credit union loan, on top of the interest rate. This drastically affected credit unions' ability to compete in the marketplace. FENACOAC persuaded the national tax collection agency to put a temporary stay on taxes. -ekingoff@cutimes.com
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From the May-30, 2001 issue of Credit Union Times Magazine • Subscribe!
Guatemalan CUs to lobby for CU legislation
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