ST. THOMAS, V.I.- The Virgin Islands’ Senate Finance Committee has approved a bill to transfer the regulation of some credit unions from the Department of Licensing and Consumer Affairs to the Division of Banking and Insurance under the Lt. Governor's Office.
The V.I. Code as it is written has DLCA as the agency responsible for the regulation of non-federally chartered credit unions, according to The Daily News.
The decision comes after a report by The Daily News in 2012 revealed that a non-federally chartered credit union, Her Majesty's Credit Union, was operated by a man with a criminal record, multiple aliases and a history of failed business ventures.
Stanley McDuffie - also known as Stanley Roberson and Stanley Battle - and his company Jilapuhn Inc., were doing business as Her Majesty's Credit Union out of a storefront location at Tutu Park Mall, the Daily News reported.
The credit union, which was the only non-federally chartered credit union in the territory at the time, closed its doors in February 2012 and its members could no longer access their money.
McDuffie has since been arrested and is out on bail pending his trial.