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News Now

CU System
Trinidad CU Societies bill in draft form
TRINIDAD AND TOBAGO (1/22/10)--The Trindad and Tobago government will proceed with its plans to reform the financial services sector after the Cabinet approves draft legislation for credit unions. The Credit Union Societies Bill is in a draft form as is a policy document, which is the product of that level of consultation, and which has been approved by the Cabinet, according to Finance Minister Karen Nunez Tesheira (Guardian Jan 21). However, there are several steps left in the process and the document has to go to the legislative review committee, she said at the launch of the Credit Union League of Trinidad and Tobago’s 2010 developmental initiatives program in Port of Spain. The government’s recognition of the leading role of credit unions in the financial arena has prompted regulatory, supervisory and legislative reforms, Tesheira added. “Based on criteria developed by the Central Bank, this policy document now enables credit unions to adhere to international best practice,” she told the publication. “It also facilitates improvement in corporate governance and higher standards of oversight in the credit union movement.” For the bill to be passed, the Co-operative Societies Act of 1971 must be amended, she added. “The credit union bill will speak to the oversight and regulatory might in large part of the Central Bank,” Tesheira told Guardian.“But recognizing that, we don’t want to lose the co-operative ethics and philosophy, which really distinguishes credit unions from other financial institutions. In so doing, the intent is that both pieces of legislation will sit together and reflect that philosophy.”


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