Legislative History
| House Bill/Resolution NO. House Bill No. 6417, 12th Congress of the Republic |
| FULL TITLE : AN ACT CLARIFYING GOVERNMENT REGULATION AND SELF-REGULATION WITHIN THE COOPERATIVE SECTOR OF COOPERATIVES ENGAGED IN FINANCIAL SERVICES, AND DEFINING THE RESPONSIBILITIES, POWERS AND FUNCTIONS OF COOPERATIVES AND COOPERATIVE FEDERATIONS ENGAGED IN SAVINGS, CREDIT AND OTHER FINANCIAL SERVICES, AMENDING THEREFOR REPUBLIC ACT NO. 6938, OTHERWISE KNOWN AS THE COOPERATIVE CODE OF THE PHILIPPINES, AND REPUBLIC ACT NO. 6939, CREATING THE COOPERATIVE DEVELOPMENT AUTHORITY |
| ABSTRACT : "Financial Service Cooperative Act". While the Cooperative Code provides a special chapter on credit cooperatives, its treatment of the financial service operations in this type of cooperative is not substantial. The bill seeks to establish the regulatory framework needed and the financial discipline required of savings and credit cooperatives and financial service cooperatives. It also sets the framework for the amalgamation of savings and credit cooperatives and financial service cooperatives to make them more competitive with major banks and financial institutions. It proposes the creation of the Financial Service Cooperative Commission to undertake the regulation and supervision of savings and credit cooperatives, financial service cooperatives and financial service cooperative federations. |
| PRINCIPAL AUTHOR/S : TULAGAN, GENEROSO DC. |
| DATE FILED : 2003-09-10 |
| SIGNIFICANCE: NATIONAL |
| CO-AUTHORS (Journal Entries) : |
| 1. Codilla (019 ) |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES |
| REFERRAL TO THE COMMITTEE ON COOPERATIVES DEVELOPMENT ON 2003-10-06 |
Abstract
"Financial Service Cooperative Act". While the Cooperative Code provides a special chapter on credit cooperatives, its treatment of the financial service operations in this type of cooperative is not substantial. The bill seeks to establish the regulatory framework needed and the financial discipline required of savings and credit cooperatives and financial service cooperatives. It also sets the framework for the amalgamation of savings and credit cooperatives and financial service cooperatives to make them more competitive with major banks and financial institutions. It proposes the creation of the Financial Service Cooperative Commission to undertake the regulation and supervision of savings and credit cooperatives, financial service cooperatives and financial service cooperative federations.
Disclaimer
Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.