Connect with WINN FM

Unit C24, The Sands Complex
Newtown Bay Road, Basseterre, St. Kitts, W.I.

Credit Union League Official Uneasy About New Regulations

ECCU currency

St. Kitts and Nevis (WINN):  Credit Union delegates from the OECS sub-region are discussing new regulations and laws to better govern their operations.

But not everyone is happy with the proposed changes.

Some of the regulations are in conflict with the legislation, according to the President of the St Kitts and Nevis National Cooperative League – Andy Liburd.

“We are now faced with new regulations, news acts, new laws, new standards.  They are all coming down on us, and all at the same time,” Liburd complained.

He told the Eleventh Annual OECS Credit Union Summit Thursday that if enacted in their present form, some of the proposed regulatory measures could have a devastating impact on the credit union movement.

“The credit union has always been regulated, we are not afraid of regulations,” the League president said.

He said that the movement was faced with many challenges including the effects of the world economic fallout “coupled with the regulations, acts, laws and the standards.  They are all coming to us at the same time and if enacted in their present form, will surely wipe us out from the world of business”. 

Liburd did not go into details about the specific regulations fuelling his concern.

Another speaker at the Summit  opening at the Marriott Hotel, Premier Vance Amory, insisted that the credit union cannot continue with the existing regulations – regulations thought to need tightening.

Premier Amory suggested that the credit unions in the region need to adjust and respond to the needs of their members.

“I believe there’s an agreement amongst all parties that we cannot continue with the present  regulatory environment where regulators lack the training and capability to undertake effective oversight of these institutions,” Premier Amory told the summit participants.

But he also warned against “imposing draconian regulatory systems which may hamper the growth and the effectiveness of the organizations”.

Prime Minister Denzil Douglas has meanwhile pointed out that credit union staff and other personnel handle millions of dollars of people’s money and need to be properly equipped to deal with that.

He sees the introduction of appropriate laws and regulation as helping ensure that the credit union provides the best possible service to its customers.

“They handle large sums of money, people’s money – assets.  We in government therefore have a responsibility to ensure that they are properly regulated,” the prime minister said.

He said the idea was to secure the assets of persons who put their money into the credit union.  

Local League president Liburd says he is not against regulatory change, but has expressed concern that the movement is expected to absorb so much so quickly.

He says he is worried too, that too much regulation can put credit unions in the realm of the banking sector and impact in a negative way on the rank and file who at the moment depend on that local financial institution to meet some of their financial requirements.  

Click below to hear full item

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

Comments  

+1 #2 Shakeema 2013-08-22 21:52
Are members' savings within particular credit unions insured, or backed up by other associated larger entities, in case of bankruptcies?

That is a concern!
Quote
+1 #1 Erasmus 2013-08-22 17:45
Well man im sorry to hear this, and a lot of people may not know this but you see when the IMF gets into the picture, they control the big banks but not the small one's like local credit unions, the way Douggie is so passionate about it you can see he is just an IMF puppet, in the end the people will suffer
Quote

Add comment


Security code
Refresh


Top Local Stories

Most Read - July 2014

  • 1
  • 2
  • 3
Prev Next

Three Reported Dead In Shooting At Frigate Bay Strip

Saturday 12th July, 2014 Hits:7848

Toni Frederick

BHS Principal To Be Replaced?

Monday 14th July, 2014 Hits:4145

Toni Frederick

Carlene Morton's husband comes to her defense

Saturday 5th July, 2014 Hits:3535

Andre Huie

Masked Gunmen Rob Nevis Supply Office

Monday 7th July, 2014 Hits:2229

Toni Frederick

Astaphan slams Tyrese, Freddie McGregor for endorsing Douglas

Wednesday 2nd July, 2014 Hits:2228

Ken Richards

Hamilton Supports Call For Inquiry Into Alleged Perjury By Soldier

Thursday 17th July, 2014 Hits:2126

Ken Richards

Two Homes Burglarized, Woman Attacked

Sunday 20th July, 2014 Hits:2021

Toni Frederick

Astaphan Calls For Independent Inquiry Into False Testimony Matter

Wednesday 16th July, 2014 Hits:1968

Ken Richards

Nevis High Court ordered to hand over transcripts in attorney's case

Thursday 3rd July, 2014 Hits:1738

Clive Bacchus





BEST OF WW- VOL 2

LISTEN AGAIN

 - WINN FM Evening News - 22nd July, 2014

Click below to hear full item

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

- Inside the News Saturday 19th July, 2014

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

- The Bigger Picture with Ken Richards 20th July, 2014

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

-The Operating Room 22nd July, 2014

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

-Commentary - Sonia Boddie: Remember Yesterday,Dream For Tomorrow, Live For Today

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.