Friday, April 12, 2024

Credit union ‘hampered by old laws’

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Archaic legislation is holding back the credit union movement from offering a wider range of financial and investment services to citizens, says Anthony Pilgrim, general manager of the Barbados Co-operative and Credit Union League.

Pilgrim was speaking recently during a virtual panel discussion organised by The University of the West Indies (UWI) Cave Hill Co-operative Credit Union on the theme Co-operative Think Tank.

“Some of the legislation is archaic,” he noted. Pilgrim said the credit union movement has been advocating to Government for about ten years its desire to be allowed to offer deposit insurance. Commercial banks have been permitted to offer this form of insurance.

“The legislation is not appropriate for the times,” Pilgrim said on the panel which included UWI Professor of Finance Dr Justin Robinson and chief executive officer of the Financial Services Commission, Kester Guy. (HH)

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