Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
TrinidadTobago bill places CUs under central banks control
PORT OF SPAIN, Trinidad (12/13/11)--The Central Bank of Trinidad and Tobago has posted on its website a draft of a bill that places all of the country's credit unions under its control.

The bill is based on a proposal approved by the Trinidad Cabinet  in 2009, Carl Hiralal, Trinidad and Tobago inspector of financial institutions, said in a statement to credit unions (The Trinidad Guardian Dec. 10).  

Credit unions have until March 28 to submit their comments on the draft to the Central Bank. Under the proposed legislation, the central bank will assume responsibility for determining the financial soundness of credit unions, supervising credit unions to ensure their compliance with the act, protecting members' deposits and shares from undue loss and ensuring compliance of credit unions with legislation to combat money laundering and terrorist financing.

The proposed legislation allows the central bank or the inspector of financial institutions to have "access to all books, records, accounts, vouchers, minutes of meetings, securities and any other documents, including documents stored in electronic form, of any credit union and the right to call upon any member of the board of a credit union, officer, external auditor or employee of the credit union for any information or explanation the bank considers necessary for the due performance of its duties."


RSS print
News Now LiveWire
Hensarling: "Post Dodd-Frank we've seen community banking wither on the vine under regulatory burden, w/ costs passed to low income buyers"
9 minutes ago
Rep. Capito on #HR5148: This is common sense reform...could work well in areas with avg home price less than $200K, would help those buyers
10 minutes ago
.@FinancialCmte is now discussing #HR5148. Act would amend TILA to exempt high-risk mortgages from property appraisal reqs
12 minutes ago
Reps. Hensarling and Luetkemeyer have pledged to ensure #creditunion parity before #HR4042 sees action on House floor
16 minutes ago
The @FinancialCmte has ordered a recorded vote for #HR4042. There will be no #creditunion amendment to the bill.
18 minutes ago