There is now a memorandum of Understanding between Credit Unions and the Central Bank of Trinidad and Tobago.
The signing ceremony took place on Friday at the Central Bank of Trinidad and Tobago, Port of Spain.
Governor of the Central Bank of Trinidad and Tobago, Dr Alvin Hilaire, said “we are proud and excited to bring our years of experience with training, and regulation with banks and non-banks institutions to give technical support and make a meaningful contribution.”
Minister of Youth Development and National Service, Foster Cumming, said this collaboration with the CBTT is a key step that will allow Credit Unions to improve their supervisory policies and procedures; capacity building for employees and knowledge transfer related to regulations and risk-based supervision governance.”
Credit Unions, as financial co-operatives, are supervised by the Co-operative Development Division which is under the remit of the Ministry of Youth Development and National Service.