Credit Unions meet to discuss bill

Members of the St. Vincent and the Grenadines Cooperative Credit Union League are sending a strong message to legislators here, that they would like to have a say in laws that will affect the way they do business.{{more}}

At a special consultation held with the League and its members on Tuesday September 14, at the League office at Lower Kingstown Park, president of the League Junior Bacchus indicated that the movement would like to make it clear that they were not going to ‘sit back and allow a piece of legislation to be put in place without the League’s input.

Bacchus was referring to the Financial Services Regulatory Authority (FRSA) Act which is to be brought up in Parliament at some point.

He indicated that the Act, which is supposed to be a regional document overseeing the operations of financial institutions, has already been passed in Grenada; and a draft of the St. Lucian document has already been circulated in that country’s parliament, awaiting its final passage.

Bacchus disclosed that the League is yet to see any such document here, and had decided to study the St. Lucian copy in an effort to guide local legislators and officials on what they would like to see.

“I want to clear the air that the Credit Union Movement is not afraid of regulations, but we do not want to see the creation of an FRSA which is going to regulate insurance companies, credit unions and other financial institutions that are not banks, and they use the same yard stick and the same approach to regulate us….”

“When this bill is taken to parliament, it will be a bill that we can give our full support to.”

Bacchus reminded those at the consultation that credit unions and cooperatives are not-for-profit organizations, which are owned by members, rooted in the poverty and struggle of the country.

He said that the League was not going to sit idly by and be torn apart by removing the association that the cooperatives have with the credit unions.

“We are sending the message clear that credit unions and cooperatives can easily be regulated by the same body, whether it is the FRSA or whatever bodies contemplated, we are going to be serious about our commitment about sticking together as a movement.”

“We have seen the larger credit unions giving the impetus and strength to build the smaller credit unions and cooperatives. And to fragment us and to define us based on money is not something we are going to sit by and allow to happen.”

“We want to make sure that the authorities understand the credit union difference” Bacchus stated.(JJ)