All of Puerto Rico’s island chartered and insured credit unions—known as cooperativas—are operating again following Hurricane Maria, according to José Julián Ramírez Ruiz, executive director of the Asociación de Ejecutivos de Cooperativas de Puerto Rico.

Ruiz said Wednesday that the cooperativas have 165 branches open, which represents 70% of all branches on the island.

He said that the lack of telecommunication services and the cost of diesel power are forcing some branches to remain closed.

And most of the branches that are open are operating at reduced hours, Ruiz said, adding that most businesses in Puerto Rico are forced to limit their hours.

Although there are banks on the island, there are 17 municipalities where the only financial institution offering services are credit unions, according to Ruiz.

“The presence of credit unions all around the island are crucial for cash distribution among those municipalities more affected,” he said. “This exhibits the importance of credit unions and the cooperative movement in Puerto Rico’s economic restoration.”

The cooperative movement has a strong following on the island. There are 116 cooperativas holding $7.9 billion for nearly one million customers. The cooperativas operate independently of NCUA insured credit unions.

Ruiz said that only two cooperative buildings were heavily damaged by the hurricane, but both are now open.

He added that the island’s most urgent needs are electrical power and telecommunication services.

Instant Insights /

Puerto Rico&rsquo;s Cooperativas Reopening Despite Ongoing Problems

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Puerto Rico’s Cooperativas Reopening Despite Ongoing Problems