On November 18, 1961, with the support of the Panamanian Catholic Church thirteen (13) savings and credit cooperatives, they founded the Federation of Savings and Credit Cooperatives of Panama, R.L. (FEDPA), becoming the first cooperative association of the second degree, being established by Public Deed No. 1307 of December 27 and 1961 granted before the Second Notary of the Notarial Circuit of Panama City, and registered in the Cooperatives Section of the Public Registry, Volume 1, Folio 254, Seat 69.
The Federation of Savings and Credit Cooperatives of Panama, R.L. (FEDPA), is a second degree cooperative association, majority shareholder of the FEDPA Group, which since 1961, has been developing an important and effective union representation, integration and promotion of the Panamanian financial cooperative system, known as “Financial System FEDPA ”which stands out as a financial services and technical assistance agency, being supervised, regulated and supervised by the State through the Panamanian Autonomous Cooperative Institute (IPACOOP).
Currently, FEDPA has more than one hundred (100) affiliated cooperatives, which in turn have more than one hundred and thirty thousand members, and operates under Law 17 of May 1, 1997 and its regulations, which regulate cooperative activity. in the Republic of Panama. FEDPA is registered in Volume 332 of the Cooperative Registry of the Panamanian Autonomous Cooperative Institute (IPACOOP).
Main activity of FEDPA
FEDPA, in attention to what is regulated by the Cooperative Law in force in our country, as its main activity, is dedicated to the development of operations authorized or authorized to Savings and Credit cooperatives or Cooperatives of Integral or Multiple Services, which carry out activities financial intermediation, being empowered to provide associates and third parties, banking services, promote the habit of saving and the use of personal and solidarity credit duly guaranteed, and carry out the necessary credit operations.
Objectives and Policies
FEDPA’s objectives are:
- Promote the organization and development of credit unions.
- Promote interest in cooperation between members of the credit union and other cooperatives in the country.
- Represent and defend the interests of the Federated Cooperatives and fight to maintain adequate legislation.
- Provide the contributing member cooperatives with the technical assistance and general advice they need.
- Carry out permanent education programs that tend to improve the contributing affiliated cooperatives, their associates, Federation workers, workers of the contributing affiliate cooperatives and youth, in the principles, methods and characteristics of cooperative cooperatives. savings and credit, as well as the training of administrative staff and own business management.
- Carry out activities for the use, financing, insurance, guarantees, establishments of protection funds and any other similar activities.
Promote vertical and horizontal integration in the country to coordinate and monitor that the Cooperative Movement is respected.
- Contribute to increase Cooperative Development and the Cooperative Act, to ensure the legal autonomy of the Cooperative Movement.
- Encourage compliance with the Universal Principles of Cooperativism, approved by the International
- Cooperative Alliance, highlighting the Commitment to the Community.
To achieve its objectives, FEDPA will carry out the following activities, among others:
- Improve and unify the rules of administration, accounting, computer programs, auditing, credit and surveillance of affiliated cooperatives
- Channeling external resources in order to meet the needs of contributing affiliate cooperatives.
Ensure that the contributing affiliated cooperatives correctly apply their statute and respect the Law, its Regulations and the FEDPA Statute.
- Develop an outreach program that reflects the activities of the contributing affiliate cooperatives.
- Establish administrative and business mechanisms to provide the services required by the cooperative system and the community in general.
- Associate with other legal persons on condition that they are lawful and convenient activities for their corporate purpose, as well as provide with state entities, activities related to the presentation of public services.
- Provide services to third parties such as banking, credit operations and other business services developed in Article 70 of the FEDPA Statute, as long as said services are not provided under more favorable conditions than that provided to the contributing affiliates or to the detriment of the services to these.
- Carry out activities for the common use of goods and services for the best achievement of their purposes such as: supplies, financing, insurance, guarantees, establishment of protection funds and any other similar activity.
- Promote in the Federation and in the contributing affiliated cooperatives the activities of technical assistance, research and promotion of savings and credit cooperativism.
- Promote among the contributing affiliated cooperatives the permanent audit service and the use of systems, computer programs, mechanisms or instrumentation of data records, consignment of inventories and accounting entries that guarantee the inalterability of its content for the inspection and determination of the cooperative contribution.
- Manage the transfer of the amount of the return processed by password, before any person, company or official or private state entity, as required by the contributing affiliate cooperative.
- Incorporate and manage in accordance with the laws, special retirement funds, severance, pensions and retirements, directly or through special entities.
- Carry out any other activity of its nature.