Ridguard: Credit Unions will continue to grow

Yvonne Ridguard, President of the Caribbean Confederation of Credit Unions (CCCU), has called on members throughout the region to have a renewed passion{{more}} for the continued growth and development of their organizations.

Addressing delegates attending the 53rd Annual International Convention and 39th Annual General Meeting of the Caribbean Confederation of Credit Unions in St.Maarten, Ridguard used the opportunity to explain to the delegates that despite the challenging times being faced credit unions will and can continue to grow.

Highlighting some of the critical issues that were expected to be addressed at the four day meeting held from June 26-30, Ridguard said that they will be looking at the regulations which have become topical since the current economic meltdown.

She pointed out that credit unions are cognizant of the fact that Governments have begun ‘turning their eyes’ to see what is happening within the organizations in an effort to see if sufficient regulations are in place.

Ridguard, the first female president of the CCCU, declared that because credit unions are used to strict regulations they do not wish to be regulated in the same way that banks are regulated.

“It must be noted by all that credit unions are different financial institutions and therefore we would want governments to understand that we are a unique organization,” said Ridguard.

She noted that the credit unions do not want governments to place regulations on them that will affect their growth and development.

She further stated that the various credit unions need to promote their organizations as the financial institution of choice, adding that it should also be the credible alternative.

“We have a responsibility in our respective credit unions to promote the organizations as the financial institution of choice and let me stress that the credible union should also be seen as a credible alternative,” she said.

Ridguard stated that throughout the financial crisis that was experienced by countries the credit union is the only financial institution that had not reduce or stop lending. This, she said demonstrates that the credit union is solid, financially strong and effective in its operations.

Delegates were drawn from Antigua and Barbuda, Barbados, Belize, Bermuda, Cayman Islands, Dominica, Grenada, Guyana, Jamaica, Montserrat, Netherland Antilles, St Kitts and Nevis, St Lucia, St Vincent and the Grenadines, Suriname, The Bahamas, and Trinidad and Tobago.