NEW YORK– Inclusiv has announced several more new initiatives during its 50th annual meeting here.
The organization said it has joined with the Public Corporation for the Supervision and Insurance of Cooperativas (COSSEC) on an expanded partnership that will “strengthen the organizations’ ongoing work” to bring community development resources to Puerto Rico through the cooperativa system.
According to Inclusiv, the expanded partnership creates new opportunities for collaboration between Inclusiv, a national network of community development credit unions (CDCUs) and a certified Community Development Financial Institution (CDFI) intermediary, and COSSEC, the supervisory authority for cooperativas, community-based financial cooperatives in Puerto Rico.
“We are thrilled to deepen our partnership with COSSEC and build on our shared success supporting financial cooperatives in Puerto Rico” Cathie Mahon, president and CEO of Inclusiv, said in a statement. “This partnership will help ensure cooperativas have access to vital community development grants and investments that the communities they serve need to thrive and will strengthen both of our organizations’ capacity to serve the cooperativa movement effectively.”
The Focus
Inclusiv said the partnership is focused on collaboration to support cooperativas in accessing private impact investments through Inclusiv’s Capital programs, as well as federal grant funding from the CDFI Fund, the Greenhouse Gas Reduction Fund and other sources. Inclusiv said it will also help build COSSEC’s capacity to support cooperativas in securing CDFI certification, deepening their impact analyses, and growing their green lending expertise by providing training for COSSEC’s examination staff.
According to Inclusiv, the expanded partnership is a natural extension of Inclusiv’s work in Puerto Rico to date, which has resulted in 87 cooperativas securing CDFI certification, and more than $311 million in public and private community development investments reaching low-income and underserved communities.
Partnership on Compliance
Separately, Inclusiv said it is partnering with ViClarity, an award-winning provider of governance, risk, and compliance solutions. The organizations said the collaboration aims to improve the operational efficiency and regulatory compliance of small and minority depository institution (MDIs) credit unions through advanced RegTech tools.
“The partnership introduces three crucial solution modules tailored specifically for credit unions with assets under $100 million or those designated as MDIs,” Inclusiv said. “These tools include Complaint Management, Exam/Audit Tracker, and Vendor Management, all designed to streamline compliance processes and reduce administrative burdens, and empowering community-based financial institutions to focus more on their core mission.”
‘A Game Changer’
Added Andrea Lally, VP-network engagement at Inclusiv, "Our collaboration with ViClarity is a game-changer for small credit unions and MDIs striving to strengthen their compliance frameworks. This initiative is a testament to our commitment to equipping our members with cutting-edge tools that drive sustainability and growth in a rapidly evolving financial landscape."
Inclusiv said the partnership also offers exclusive benefits for its membership, such as preferred pricing, ongoing regulatory updates, and comprehensive support from ViClarity.
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