The government takes the credit union movement very seriously.
This according to the Minister of Youth Development and National Service Foster Cummings, during the signing ceremony of a Memorandum of Understanding for cooperation, institutional strengthening and knowledge sharing between the Cooperative Development Commissioner, his ministry and the Central Bank of Trinidad and Tobago (CBTT) on Friday.
According to Cummings, the MOU helps cooperatives, through the Cooperative Development Division, to tap into the expertise of the Central Bank of Trinidad and Tobago.
Minister Cummings explained, “MYDNS is pleased to see our Cooperative Development Division achieve its vision. This collaboration with CBTT is a key step that will allow credit unions to improve their monitoring policies and procedures; capacity building of employees and transfer of knowledge related to the regulation and governance of risk-based supervision.
The Minister also highlighted the collaborations between the Credit Union League, the Central Bank of Trinidad and Tobago, the Cooperative Development Division and other experts to implement the recommendations of the Cabinet Appointed Committee on the Future of the credit union sector.
Dr. Alvin Hilaire, Governor of the Central Bank of Trinidad and Tobago, said: “We are proud and delighted to bring our years of training and regulatory experience with banks and non-banking institutions to provide technical support and make a meaningful contribution. »
Credit unions, as financial cooperatives, are supervised by the Cooperative Development Division under the Ministry of Youth Development and National Service.