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
Credit card issuers could see a reduced burden for 1 year under a @CFPB proposal issued this week. News Now: http://t.co/CYVXLUmVBq
14 hours ago
RT @CUEscan: Branches Will Be the Cornerstone of Growth http://t.co/fVqPPaGeVL http://t.co/xxMyKGQMrl
15 hours ago
RT @asmarterchoice: According to @Bankrate study, customers more likely to find FREE checking at #Creditunion than a bank! http://t.co/ntCb…
15 hours ago
Ditch monthly subscriptions to save $$, @YoungFreeMI Fielder tells @freep http://t.co/TFnsps4Dui #ASW2015
15 hours ago
.@federalreserve extends comment period for capital surcharges on systemically important U.S. bank holding cos. http://t.co/MOJJBn9DfA
16 hours ago