18 Dec 2012

American Samoa's Tulafono considers setting up Credit Union

5:22 am on 18 December 2012

The American Samoa governor, Togiola Tulafono is considering the establishment of a credit union in the territory as another option to fill the void when the Bank of Hawai'i pulls out of the territory in March.

Togiola says he's asked a company to conduct thorough research into having a credit union, owned by local residents, who will also be members.

The governor says the good thing about a credit union is that anyone can be a member.

In 1994, the federal government's National Credit Union Administration liquidated the American Samoa Government Employees Federal Credit Union after a bailout failed.

It also investigated alleged financial irregularities by the management.

Several people have since been charged over that credit union's failure.