Cooperatives in Honduras to be Supervised

The initiative, called "Strengthening credit union’s competition and financial security within supervised framework," has the support of the Inter-American Development Bank (IDB) and the Federation of Credit Unions (FACACH).

The aim is to develop a regulatory and supervisory framework appropriate for the 78 cooperatives in the country, and its 620,000 members.

According FACACH, cooperatives in the country, as of 2010, had assets of $614 million and a loan portfolio of $492 million. Both figures reported growth of over 25% when comparing 2008 against 2010.

"The CNBS is currently overseeing 17 private banks, a state bank, 12 insurance companies, 11 financial, five private development organizations and a private pension management fund", published elheraldo.hn.

Source: elheraldo.hn

More on this topic

Guatemala: Credit Unions To Be Supervised

February 2011

Regulators are preparing legislation to supervise credit unions.

The new rules apply to all credit unions associated with Micoope (brand which brings together the Credit Unions Federated Cooperatives throughout Guatemala).

Lorena Alvarez from Elperiodico.com.gt writes, "The proposal seeks to integrate financial cooperatives which provide services within the regulated system, as in most Latin American countries, said Eduardo Soto, supervisor of the regulations development department of the Superintendence of Banks (SIB).”

Credit Unions in Guatemala seeking members

October 2008

Credit Unions iin Guatemala are looking for new members, after being in the non-traditional financial market with 800 thousand members for 45 years.

Oswaldo Oliva, national manager of the Credit and Savings Cooperatives of Guatemala (Fenacoac) commented that the cooperatives are hoping to add 1.5 million new members in the next four years.

Guatemalan cooperatives seek alliances with local banks

November 2008

Advised by the World Credit and Savings Council and based on the experience in other countries, Fenocoac is interested in establishing alliances with banks.

The alliances would be in the sense that the members of the cooperatives can make deposits or withdrawals from bank branches countrywide.

Law Reorganising Panama's Financial System Approved

August 2011

Act 311 establishes a system of coordination and institutional cooperation between local financial control centers and creates a Superintendency of the Stock Market in the reform of Decree Law 1 of 1999 and Act 10 of 1993.

A statement by the National Assembly of Panama says that the financial system will be reordered and a Superintendency of the Stock Market created after the assembly passed the bill on its third reading.