Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

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
#NewsNow Chicago Tribune column: CU membership worth the switch http://t.co/OtGQeS0IpM
22 minutes ago
As expected, @TheNCUA #RBC2 plan is in today's Federal Register. Comment deadline is April 27. Proposal here: http://t.co/d80aXrRi9e
1 hour ago
Through the snow, be on the lookout for a @CU4Kids @CMNHospitals @COOPFS billboard in @TimesSquareNYC this week
16 hours ago
.@CUNA , trades unite to urge Congress on #datasecurity action http://t.co/gzmZGX9nfF
19 hours ago
State of Wash. @dficonsumers has expanded its CAMEL ratings to include an "S" for interest-rate sensitivity.
19 hours ago