Congress should consider granting the NCUA the authority to guarantee the deposit insurance at Puerto Rico's cooperativas – credit unions chartered and insured by the Puerto Rico government – an attorney for a number of the cooperativas said.
"We were informed that [Congress] was discussing various scenarios," attorney Jose Sosa-Llorens told CU Times.
Sosa-Llorens, a former commissioner for Financial Institutions of the Commonwealth of Puerto Rico, is an attorney representing 25 of the largest cooperativas on the island. Cooperativas are financial institutions that are insured by a territory government agency, the Corporation for the Supervision and Insurance of Cooperatives. There are more than 100 cooperativas in Puerto Rico in addition to 11 credit unions that are insured by the NCUA.
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