Panamanian Regulations Are Discussed
PANAMA CITY, Panama-Credit unions in Iowa are working with their counterparts in Panama after the latter expressed concerns that government regulations not specifically designed to address financial cooperatives' unique nature could raise further challenges for an industry already struggling with growth in that country.
Stressing the need for greater unity, a delegation of officials representing ICUL and three Iowa credit unions traveled to Panama to participate in the fourth International Seminar on Best Practices and Credit Union Operations, which addressed a variety of challenges facing Panama's credit unions. The meeting was the latest event in the ongoing relationship between ICUL and Corporación Fondo de Estabilización y Garantía de Cooperativas de Ahorro y Crédito de Panamá, R.L. (COFEP), brought together in 2005 through WOCCU's International Partnerships Program. "By sharing our examples we hope to give COFEP additional tools and support needed to enhance its system," said Iowa league CEO Patrick Jury.