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From Credit Unions, For Credit Unions

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Influencing Regulatory Changes for Credit Unions in Costa Rica

The following post is provided by the Federation of Savings and Credit Cooperatives of Costa Rica (FEDEAC), a World Council direct member.

We continue to support our supervised savings and credit cooperatives to provide a rapid and effective response to the pandemic. 

As a representative body, we have influenced regulatory changes that have been promulgated by the National Council for the Supervision of the Financial System and the General Superintendency of Financial Institutions, and initiated a process of working together with representatives of the Central Bank of Costa Rica.

To give continuity to the business operations of our credit unions in regulatory matters, FEDEAC and its Technical Commission continue to work on:

  • Sector strategies to deal with waves of COVID-19 infections for an indeterminate period of time (moratorium periods, credit placement, deposits, interest rates, loan portfolio and substitution of deposits). 
  • Tools for the analysis of the sector's indicators.
  • A Liquidity Contingency Plan for the sector. 
  • Support in the implementation of the general guidelines to resume human activities in the midst of COVID-19 from the Ministry of Health.
  • Analysis work to meet the regulations in consultation with regulators and supervisors, and responding as a sector to guarantee the stability of the financial sector. 

After six months of intense work, we are now concentrating on short-term and medium-term strategies to support businesses, the economic reactivation of the country and the positioning of our sector for the post-pandemic stage.