Cooperative Financial Institutions: Issues in Governance, by Carlos E. Cuevas

By Carlos E. Cuevas

A finished overview of theoretical and empirical literature on cooperative monetary associations (CFIs) geared toward deciding on elements of the constitution, governance, criminal framework, rules and supervision the place vital wisdom gaps exist. The paper formulates a couple of propositions for trying out, which might give a contribution to delivering a foundation for universal criteria in rules and supervision of CFIs.

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The distinction is largely artificial because management can easily switch forth or back through a resolution in a general assembly and shifting moneys between accounts. Thus the distinction is an invitation to regulatory arbitrage. 31. In fact, some legal frameworks were designed to suppress the scope of the sector or of its integration structures. One example is Argentina’s in the 1970s. 32 World Bank Working Paper ■ The dual regime is seen as a transition towards a unified regime that covers the entire sector.

However, there are problems with the model at hand. 34 This makes the model unsuitable for other systems that respond to a different cultural tradition or present organizational features that are in conflict with this law. While the WOCCU document is careful to insist that the model is just a guideline, it is nonetheless very detailed in presenting a particular type of organization and regulatory 34. g. Henrÿ 2005). This is why we prefer to use the concept of principles. Analyzing in detail WOCCU’s model law would divert from the objectives of the document.

When the law was written the German CFI system had already achieved a high level of integration, a level of integration the British credit unions system has never been able to achieve. 2. The Law changed the nature of the CFI movement. The German model on which it was based was a self-help grass roots movement that grew out of specific local circumstances, building a sophisticated business structure that survives today. The German cooperative laws were written to provide legitimacy not only to the individual CFIs but to the entire self-governance structure that was built to provide the necessary conditions for growth and expansion.

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