Credit unions in Cuba could be successful, but only if they follow cooperative principles and are established for the good of the Cuban people, participants of a National Cooperative Business Association/Cooperative League of the United States of America press conference said earlier this month.

"We believe that as Cuba evolves, the seven cooperative principles will become part of the DNA of much of Cuba's economy," Mike Beall, president/CEO of the NCBA/CLUSA said during the March 10 event in Wash., D.C. "And this will be good for the American consumer."

The NCBA/CLUSA press conference, held at the National Press Club during the GAC, introduced the organization's U.S.-Cuba Cooperative Working Group, designed to find ways to help Cuba establish and enhance its cooperative business. However, financial cooperatives such as credit unions, Beall said, may be among the most difficult ones to launch.