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CU System
Ala. Fla. CUs provide support in Costa Rica
BIRMINGHAM, Ala. and TALLAHASSEE, Fla. (11/18/10)--The League of Southeastern Credit Unions (LSCU) and five credit unions from Alabama and Florida spent a few days in Costa Rica last week addressing the government and working with credit unions to improve operations and other areas.
The League of Southeastern Credit Unions contingent meets with Luis Gerardo Villanueva Monge, president of the Asamblea Legislativa de la Republica de Costa Rica (center right) in Costa Rica last week. (Photos provided by The League of Southeastern Credit Unions)
The league--when it initially was known as the Alabama Credit Union League--has partnered with Costa Rica since 2005 through the World Council of Credit Unions’ International Partnerships Program. The participants included Joe Melbourne, CEO of CFE FCU in Lake Mary, Fla; Andy Price, general counsel for Florida Commerce CU in Tallahassee; David Southall, CEO of Innovations FCU in Panama City, Fla.; Gina Turner, assistant vice president of operations and branch administration at Alabama Teachers CU, Gadsden, Ala.; Peter Alvarez, Hispanic program manager for Redstone FCU in Huntsville, Ala.; and Laura Vann, LSCU vice president, cooperative initiatives.
The League of Southeastern Credit Unions (LSCU), along with five credit unions, spent a few days in Costa Rica last week addressing the government, working with credit unions to improve operations and address areas where the credit union movement can improve in the country. Pictured are Costa Rican President Laura Chinchilla Miranda (left) and David Southall CEO of Innovations FCU in Panama City Beach, Fla.
The LSCU contingent met with members of the government, including Costa Rican President Laura Chinchilla Miranda and the equivalent of the Speaker of the House. Costa Rica has 76 credit unions with 600,000 members. However only 31 credit unions--those with $1 million or more in assets--are regulated. Credit unions also are the only “banking” segment without government deposit backing. State banks are backed by the government, while private banks have a fund of roughly $600,000 Costa Rica’s president thanked credit unions for their place in the economy. Chinchilla addressed the group in English and talked about how the country was trying to reduce its carbon footprint. She also talked about the effects Hurricane Tomas had on the country’s infrastructure. Price, fluent in Spanish, addressed a group of credit union CEOs, board members, and legislators as part of a panel discussion on deposit insurance. The panel discussion was held at the Assemblea Legislativa. More than 70 individuals attended.
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