SANTO DOMINGO, Dominican Republic-Wisconsin's credit unions, along with the state league, have joined to provide assistance to CUs in the Dominican Republic as they seek to create a better regulatory environment.
A delegation of Wisconsin's credit unions, along with representatives of the World Council of Credit Unions‚ International Partnerships program, met with leaders from the Asociación de Instituciones Rurales de Ahorro y Crédito (AIRAC), WCUL's counterpart in the Dominican Republic.
The three organizations met with the country's Central Bank, its Superintendency of Banks and the Institute for Cooperatives in hopes of updating regulations and examination procedures that would better address specific needs of the Dominican Republic's credit unions.
According to WOCCU, the country's current legislation dates back to the 1960s. Credit unions would like to modernize it to match the industry's growth, as well as manage risks inherent with operating on a larger scale to better serve growing member demands.
After the meeting, Dr. Pedro Silverio, CEO of the Central Bank, asked AIRAC to submit comments to the current bill before it is introduced to Congress later this year. The request marks a step forward for the country's credit unions, according to Virginio Rafael Gerardo, AIRAC general manager.
Next steps for the Wisconsin-Dominican Republic partnership may include an executive exchange program designed to teach credit union officials about their specific credit union responsibilities, officials said.
