Credit unions to discuss move to Central Bank

GOVERNMENT’S plan to move credit unions from under the supervision of the Commissioner of Co-operative Development to the jurisdiction of the Central Bank is not going down well with the Co-operative Credit Union League (CCUL). As a result, CCUL will discuss the matter at an urgent meeting of credit union boards on January 15 at the Centre of Excellence, Macoya,  said president of the league, Gary Cross, in his New Year’s message. “Our management and staff of our league are willing to work with you our member units, to ensure that we, the credit union movement, remain strong, both as providers of financial services and providers of opportunities for development,” he said.

Cross looked back at the year 2004, describing it as one of two diverse tales. The first tale he said, related to a supportive government in stimulating credit union growth, through tax rebates and an environment of low interest rates. “The second is the tale of an uncertain future, following the announcement by Government,” he said, referring to Government’s plan to move the operations of credit unions to the jurisdiction of Central Bank. Cross explained that this year credit union leaders will  be busy planning and revising goals, particularly in light of the Government’s announcement. “As credit union leaders, we should look at the social, economic and legislative factors that are likely to affect us in our movement’s mission to position credit unions as the preferred providers of financial services, and providers of opportunities for development,” he said.