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Cred­it Unions are not averse to be­ing reg­u­lat­ed by the Min­istry of Fi­nance.

De­spite on­ly 60 to 65 per cent of cred­it unions be­ing ful­ly com­pli­ant with fi­nan­cial sec­tor reg­u­la­tions, pres­i­dent of the Co-op­er­a­tive Cred­it Union League of T&T, Auldric Nep­tune said this was due to a lack of over­sight rather than de­fi­ance.

“Yes, we ad­mit that not all cred­it unions are com­pli­ant and there are a num­ber of rea­sons for that. Some of the is­sues have to do with re­sourc­ing. Some of the is­sues have to do with the time­ly pro­duc­tion of re­ports. Now, at the end of the day, in the con­text of the move­ment it­self, there are a lot of built-in safe­guards in the move­ment, in terms of we want to use it in self-reg­u­la­tions, where we ad­here to the PEARLS ra­tio,” Nep­tune told a Joint Se­lect Com­mit­tee which was an “In­quiry in­to the Su­per­vi­so­ry and Pru­den­tial Over­sight of Cred­it Unions in Trinidad and To­ba­go”