Legislation to extend deposit insurance to credit union members is set to transform confidence in the sector, placing their savings on an equal footing with those held in commercial banks and marking a major shift in the financial landscape, the credit union umbrella leader said on Tuesday.

Speaking outside the House of Assembly where the Protection of Depositors Bill was passed, Kemar Cumberbatch, president of the Barbados Co-operative and Credit Union League, said the legislation comes after years of lobbying.

“We’re happy to be here. It’s been a long time, 15 years of advocacy so that we could get deposit insurance and parity with the other commercial banks,” Cumberbatch said. “So my board is happy. Our membership is extremely happy.”