An inquiry is underway into the supervisory and prudential oversight of credit unions in Trinidad and Tobago.
Chair of the committee, Dr. Marlene Attz, says the review will determine whether current oversight arrangements are strong enough to protect the interests of credit union members.
Dr. Attz stressed that credit unions must maintain accountability and sound governance to ensure financial stability across the sector.
Meanwhile, Aulric Neptune, President of the Co-operative Credit Union League of Trinidad and Tobago, outlined several proposals aimed at strengthening the regulatory framework.
“A credit union by nature is a unique creature, based on how it came into being, and based on how it was governed over the years. In those circumstances, we are satisfied that it cannot be a one-fit all piece of legislation to treat with the movement,” he said.
“It has to be something that takes into account the unique nature of the credit union movement. In 2014, we felt, and we continued to maintain that, the legislation as proposed, would have been inimical for the movement,” Mr Neptune added.
A 2024 policy proposal suggests creating an Independent Cooperative Authority to regulate the sector instead of the Central Bank.
