#BTColumn – Small credit unions under pressure

Disclaimer: The views and opinions expressed by this author are their own and do not represent the official position of the Barbados Today.

by E. Jerome Davis

The small credit unions in Barbados are being put under severe pressure by the relevant authorities responsible for their regulation.

The small credit unions are being squeezed by one-fit-for-all regulations which, in some cases, are even onerous for the larger institutions.

The new regulations which require the credit unions, prior to the Annual General meeting, to submit the names, resumés and police certificates of character for all persons seeking to hold office is a move in the wrong direction for the small credit unions which are still manned voluntarily.

The requirement is unnecessary and has put some small credit unions in a bind. Matters pertaining to audit and financial reporting are also putting pressure on these credit unions.

I urge the relevant authorities to pay closer attention to the plight of the smaller credit unions before it is too late. They continue to be of benefit to poor people in the communities which they serve.

E. Jerome Davis is a former Credit Union President.