Villarreal and Corro Visit Superintendency of Banks in Panama

Jacinto Villarreal, COFEP's CEO and Victor Miguel Corro, WOCCU's international partnerships manager recently visited the Superientendency of Banks in Panama (SBP), During their visit Corro and Villarreal explained the international partnership between the Iowa Credit Union League and COFEP, WOCCU's member in Panama.

Superintentendent Olegario Barrelier was briefed on the concern of the lack of specific credit union regulation and oversight in the country. Barrelier and SBP management team expressed awarenes of the lack of adequate oversight and committed to helping Iowa and Panama find ways to strenghten the regulatory and examination framework for credit unions in the country.

WOCCU will share its Model Credit Union Law with the Superintendency of Banks. IPACOOP is the Panamanian Goverment Agency that oversees cooperatives in the country. Credit Unions are under IPACOOP's watch.

Panama and Iowa credit union movements have been engaged in a partnership for almost three years. Several lobbying efforts have been conducted at high levels in the Panamanian goverment to create awareness of best regulatory and examination practices when it comes to credit unions.