Be careful on legislation

THE president of the Co-operative Credit Union League, Gary Cross, wants Government to proceed with caution when it comes to drafting laws on the credit union movement in Trinidad and Tobago. “The new legislative framework must be developmental in nature, and not be based on the misinformed premise that credit unions need to be vigilantly monitored and tightly controlled,” he said.

Such laws, he said, might impact on the operations of the credit union movement in TT. Cross was delivering the keynote address at a Strategic Planning session of the NCU at Chaguaramas. He welcomed any new legislation that would ensure the continued growth and sustainability of the credit union movement in the country. “It is an absolute necessity as financial co-operatives take their rightful place in the economic landscape,” he said. In developing the case for legislation that pays due regard and respect to the uniqueness of a credit union system, Cross explained that financial co-operatives have been virtually self-regulated for over 58 years in Trinidad and Tobago.

Cross said the movement has built an excellent record and reputation of prudence in its business activity. “It is against this background that this people-based and democratic co-operative institution has been able to merge with ordinary people,” he said. He noted that they accounted for over $3 billion in savings, meeting the needs of low-income and economic disadvantaged citizens. The credit union chief urged Government to engage the entire credit union movement in its proposed legislative reform programme, and to positively ensure that new legislation is completed by the end of the year. “This will set the stage for building and consolidating the gains achieved by credit unions over the past five decades of their operations in Trinidad and Tobago,” added Cross.