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News Now

CU System
TrinidadTobago CU Policy Act draws opposition
PORT OF SPAIN (10/2/09)--Trinidad and Tobago Labor Minister Rennie Dumas said that new legislation, the Credit Union Policy Act, will benefit credit unions. He made the statement after dozens of credit union stakeholders rejected the 67-page proposed policy at a Central Bank public meeting. Dumas' comment was read on his behalf by Permanent Secretary in the Ministry of Labor Roslyn Khan-Cummings Wednesday during the National Credit Union Symposium in Port of Spain (Trinidad and Tobago Express Oct. 1). "The credit union sector is one that is stable for decades has consistently provided access to credit facilities for our citizens," said Dumas' speech. The proposal would mean the Central Bank would supervise credit unions, although development support would continue under the Cooperative Development Division. Those opposed to the proposal said the approach to governing credit unions was a one-size-fits-all policy. They also said the proposed legislation is too stringent.


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