Thursday, December 2, 2021

CPA Society to host Friday forum on P.R. credit unions

By on August 20, 2020

Will discuss FOMB fiscal plan impact on cooperative savings and loans institutions 

SAN JUAN – The Certified Public Accountants Association of Puerto Rico (CCPA) will hold, via teleconference, the 25th Credit Union and Cooperative Savings and Loans Forum, which will focus on the effects and the challenges that credit unions face as a result of the fiscal plan for the Cooperatives Supervision & Insurance Corp. (Cossec by its Spanish acronym) that was recently approved by Puerto Rico’s Financial Oversight & Management Board (FOMB). 

“There have been many elements that have affected Puerto Rico during the past three years. However, credit unions have accompanied the country during the highs and lows during this period, supporting in a direct way the development of our communities in the process of recovery,” CCPA President David E. González Montalvo said. 

González said that the forum, which will be held from 9:00 a.m. to 1:45 p.m., seeks to “review the effects of past events in the way that credit unions operate, as well as the new challenges and requirements they face to remain competitive.” 

FOMB Executive Director Natalie A. Jaresko and María López, FOMB’s director of pension and credit union issues, are scheduled to speak at the event, discussing what is expected of credit unions, as outlined in Cossec’s fiscal plan. 

Cossec Executive President Emilio Torres Antuñano will discuss the new credit union regulations, the protocols and implications of the Covid-19 pandemic, and the rotation of external auditors.  

The forum will feature a panel discussion with representatives from the Puerto Rico League of Cooperatives and the Puerto Rico Credit Union Executives Association, who will present the positions of their respective organizations regarding the Cossec fiscal plan. 

Moreover, CPA José M. Lloréns Gómez, from Lloréns Consulting Group, will discuss risk management in view of the Cossec fiscal plan, while engineer Víctor M. Soto Rodríguez, CBCP, CM, president of Continuum Consultants LLC, will talk about business continuity programs, including content, preparation, use and benefits. 

CPA Luis A. Soto Rivera, executive president of San Miguel Credit Union, will present his experiences and recommendations on risk management and business continuity plans. 

González said that those interested in the forum may register and obtain more information at the association’s website,, or by calling (787) 622-0900. Register at:

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