Newly elected President of the Dominica Cooperative Societies League Cletus Joseph said while the Credit Union movement is not against being regulated, it expected some further feedback from government before the Cooperative Societies Bill was placed before parliament.
An Act to make new provisions with respect to the registration, supervision, governance, operation and management of Cooperative Societies including credit unions was passed in parliament last night.
Joseph said discussions were held with representatives from government about the new bill but there has been no reaction from them.
He said it is unclear whether their concerns were even taken into consideration.
“We have an obligation to ensure that whatever regulations are being put in place it does not affect the movement. We had some discussions about the bill and I expected that we would have gotten some further feedback as to whether our concerns were taken on board but that did not happen,” he said.
Joseph says the Credit Union movement is in need of one harmonized act.
I would really like to know what the Bill entails.
It has been available for viewing(and printing) at “Dominica.gov.dm”.
You have all heard of too big to fail, have you heard of too big not to tax. This amalgamation thing was away to get all the money in one place. Now here come the taxes
look story wee papa.
Its time to take out my hard owned dollars from the credit union before some body put their hand in the cookie jar. Its a dam shame if its not broken why fix it???? Dominicans watch out it not the end just the begining. hope i am wrong.
Government simply wants their cut and the moment any government want to interfere in what I believe is a successful institution then I will pull out all my money from there.
Regulated by whom?