PORT OF SPAIN, Trinidad and Tobago–The president of the Co-operative Credit Union League of Trinidad & Tobago, Joseph Remy, said he was “flabbergasted” when a credit union bill that had been rejected last year made its way into the 2015/2016 Budget.
“The credit union movement was mentioned once in the budget and that was in relation to the credit union bill that was rejected last year,” Remy told a post Budget breakfast forum at the Oilfield Workers’ Trade Union’s (OWTU) Paramount Building, according to Newsday of Trinidad and Tobago.
“The sector is going to be destroyed by that piece of legislation that seeks to force credit unions to operate like banks,” Remy told the publication.
Remy said the legislation would cause small credit unions to “fade away,” while medium sized credit unions would be forced to merge to survive and this would only leave about ten to 12 credit unions in the country. He said the movement is not against enhanced legislation but this would have to be done following consultation with the credit unions.