Breaking News

Credit Unions Urged to Prepare for BOJ Regulations

Jamaica Information / Group Chief Executive Officer, Jamaica Co-operative Credit Union League (JCCUL), Glenworth Francis (left), shares a laugh with President, Insurance Employees Cooperative Credit Union (IECCU) Limited, Bernita Locke (centre); and General Manager, IECCU, Mark Bowen. Occasion was a recognition ceremony for 21 volunteers of the IECCU held at the Terra Nova Hotel in St. Andrew on October 29. The volunteers have collectively dedicated more than 267 years to the entity. + – Photo: Rudranath Fraser Group Chief Executive Officer, Jamaica Co-operative Credit Union League (JCCUL), Glenworth Francis (left), shares a laugh with President, Insurance Employees Cooperative Credit Union (IECCU) Limited, Bernita Locke (centre); and General Manager, IECCU, Mark Bowen. Occasion was a recognition ceremony for 21 volunteers of the IECCU held at the Terra Nova Hotel in St. Andrew on October 29. The volunteers have collectively dedicated more than 267 years to the entity. Story Highlights Credit unions are being urged to actively pursue strategies that will enable them to improve their state-of-readiness in meeting the requirements under the Bank of Jamaica (BoJ) Credit Union Regulations. The Bank of Jamaica (BoJ) Credit Union Regulations, slated to be passed in the first quarter of 2017, seek to codify sound practices within the sector and update or standardize certain key definitions and terms in accordance with local and international standards

Credit unions are being urged to actively pursue strategies that will enable them to improve their state-of-readiness in meeting the requirements under the Bank of Jamaica (BoJ) Credit Union Regulations.

The call came from Group Chief Executive Officer, Jamaica Co-operative Credit Union League (JCCUL), Glenworth Francis, who said that the league, through its Stabilisation Unit, has been assisting entities to prepare for the changes that will occur once the regulations have been approved in the Houses of Parliament.

?We have been helping a number of credit unions with mergers. We have also been communicating with credit union boards, management and staff through internal communications campaigns, one of which was conducted throughout credit unions earlier this year,? he said.

He informed that an external education campaign targeting members will be undertaken once the regulations have been approved.

Mr. Francis was addressing a recognition service for 21 volunteers of the Insurance Employees Cooperative Credit Union (IECCU) Limited held at the Terra Nova Hotel in St. Andrew on October 29.

The Bank of Jamaica (BoJ) Credit Union Regulations, slated to be passed in the first quarter of 2017, seek to codify sound practices within the sector and update or standardize certain key definitions and terms in accordance with local and international standards.

In the meantime, Mr. Francis said the movement owes all its volunteers a debt of gratitude for their invaluable contributions. He said they have brought a wealth of skills, knowledge, expertise and talent to their respective institutions.

?As a volunteer, you have a responsibility to see that the policies of your credit unions are in keeping with what we do as cooperative organisations and also that your credit union is conforming to the rules and regulations required of financial institutions,? he said.

He pointed out that voluntarism is one of the key principles that underpin the credit union movement.

?Whereas other financial institutions have boards comprising shareholders, who are the major investors and to whom the profit of the organisation belong, we are blessed with men and women with the right skills, who give freely of their time and talent without regard to payment, just to ensure that their credit union is operated for the benefit of their members,? he said.

He informed that the credit union movement is one million members strong, with $72 million in savings, $61 billion in loans and $93 billion in assets.

For her part, President of IECCU Limited, Bernita Locke, informed that volunteers have collectively dedicated 267 years to the entity.

Mrs. Locke lauded the volunteers for their yeoman service, noting that their years can best be described as a ?labour of love?.

Responding on behalf of the honourees, Derrick Logan, who has volunteered for 31 years, thanked the IECCU for the recognition.

?We all had a common interest and that is to serve this noble institution in an unselfish way. We all had in our minds when we served, the growth and development of this credit union,? Mr. Logan said.

Related Stories Gov?t and JCSA Sign Agreement for Certain Benefits BoJ to Engage JCCUL on Credit Union Regulations DBJ Guarantees Over $1 Billion in Loans to MSME’s Govt Pressing Ahead With ERP ? PM

About the author / 

mundiadmin

Related Posts

North America

Europe

Asia

Latin America

MundiSports