The ongoing move to bring credit unions under the regulatory ambit of the Bank of Jamaica (BOJ) continues to be delayed by various external factors such as external consultation and new political Administration.

The country’s 23 credit unions are currently regulated by the Department of Co-operatives and Friendly Societies (DCFS). The regulator is set to move from the DCFS to the BOJ once the Co-operative Societies Amendment Bill and the Credit Unions (Special Provisions) Bill are brought into effect.

However, this legislative process has been slower than expected due to consultation discussions with the Jamaica Cooperatives Credit Union League in October 2024 and the newly appointed Parliament in September 2025.