A delegation of Dominicans led by president of the Dominica Societies League Ltd (DCSL) Cletus Joseph and comprising representatives of various credit unions on the island, are in Montego Bay, Jamaica, attending the 55th AGM and Convention of CCCU and CUES.
President of the Caribbean Confederation of Credit Unions (CCCU) Yvonne Ridguard Harris told participants at the opening that there are exciting times for the movement.
She said that while CCCU is mindful of the changes now facing and confronting the sector they are not going to sit by and allow things that are not in the best interest of the movement to be pushed down their throats.
“We are not objecting to regulation of the sector, what we are objecting to is the fact that they want to regulate us as banks and we are not,” she said.
She told participants that she is “convinced” that if Credit Unions remain “focused on the core business” they will able to effectively compete.
Delivering the feature address was Jamaican acting Prime Minister and finance minister, Dr. Peter Phillips, who congratulated the movement on what he described as its milestone achievement.
“The movement is alive and well in the region and the credit union creates a genuine spirit of harmonization,” he said.
Dr Phillips added that the Credit Union has greatly improved human life in the region and has an “impressive record.”
However, he sounded a warning to Credit Unions to ensure that they get acquainted with the new regulations now facing the “global environment.”
“It’s a reality….rather than resist it we need to find effective ways to deal with it. There is no way to resist the changes – just ensure that we are not isolated in that regard. We can’t afford to jeopardize our international reputation,” he said.
Over 600 participants are attending the June 23-26 meeting.
roseau credit union to vola they like to take people land and house all u time will come them people that doing that and makeing big boball for some people i know what i talking about
Admin Please correct the photo caption Should read NCCU DELEGATION INSTEAD
I’m torn by this story. While I am sympathetic to the concerns of the Credit Union Movement, I do understand the call of those who seek to ensure that the CU Movement is well supervised and that the savings of the ordinary folks are well protected. But I am not sure that I support the implied assertion in the latter that our CUs are not well supervised and the savings of members are not well protected under the existing framework.
As a child, I recall the old days attending the “boring” and long RCCU’s AGM at the Goodwill Parish Hall with my mother. My interest in those days was limited to enjoyment of the light refreshments that was served and having the chance of wining one of the ‘early bird’ $100.00 prizes at the end of the meeting. At a tender age, I knew that our CU was a special institution, not to be treated or regulated as a bank.
I also recall the way my mother spoke of Sister Alicia and Mr. Elwin, who lived in Trafalgar. These pioneers were revered as guardian angels of the people of the ROSEAU VALLEY. In Mr. Elwin, the personal care of the CU as the poor man’s bank with a community spirit was epitomized. It is that which has fuelled the growth of the CU movement into the force it has become today. The CU movement is not-for-profit and it puts people before money. It earnings are returned to its membership in the form of competitive rates, lower service fees, lower levels and/more flexible collateral requirement, more patience, tolerance and understanding with those experiencing financial difficulties when making decisions on foreclosures and forfeitures etc The CU is simply more people oriented than commercial banks that exist to make profit. They are not motivated by the same values and principles that drive the CU. CUs were born out of the people, grown from the people, with the people, by the people and for the benefit of the people. Regardless of the value of their port folio, the extent of their membership base or the level on influence on the local financial sector, the CU is not a bank.
If the credit unions are offering the same products as banks then they should be regulated as banks. Just to protect the financial industry and members.
I understand the line of argument of “Concerned” and others, especially the lleged concerns of the government over the protection of the financial industry and members of the CU Movement BUT… the locally grown CU movement possesses significant cultural differences from a banking institution and to some extent CUs cannot be subjected to the same legislative framework as banks. The CUs are generally well supervised by qualified and competent professionals and there is nothing to suggest that government would do better job. The CU movement does have an impressive record of uplifting the lives of people and making their dreams a reality. Therefore, there is an argument to be made for keeping the CU outside of government framework.
The same arguments advanced for subjecting the CUs to more government oversight could be made against the proposed regulations. One could argue that when/if banks experience problems due to poor government policies, people can be assured of their savings at the CU.. The CU movement has been part of our local financial landscape and has successfully weathered many difficult periods and perhaps the CU could be the saviour to our financial meltdown in the event that something goes wrong in the government regulated financial sector. It is not clear how one guarantees the protection of savings/investment of private citizens with more government regulations judging from government’s involvement/ investment of in other institutions
On the other hand, I do not buy the weak argument of the CU movement that it does not possess the necessary HR to undertake the added responsibilities of being regulated. To the extent that is true, this does justify why the movement should perhaps be regulated. In fact, if there is any significant sign of weakness in the structure and supervision of the CU movement, then this invites government’s regulations and supervision.
But this whole debate is not a new one. I read of the American Credit Union Regulatory Improvement Act in 2007, which deregulated America’s credit unions to reduced, without eliminating the differences in the way banks and credit unions are regulated to ensure that CUs-though regulated would allow the CUs to maintain their fundamental uniqueness. Generally banks want to ne banks and CUs want to maintain their” creditunionness” in term of their structure and operations.
Congrats on a Good Showing….The Dominican delegation of Credit Unions…
congrats guys know you all will represent well.
wish you all a successful congress,hope the information gained will be utilisede effectively for the advancement of the credit union
♥♥
This is a fine photograph … but these are the folks from NCCU… not the “Dominican” delegation
Hmmmm