THE SAVINGS of credit union members will not be affected by the Bank of Jamaica (Credit Union) Regulations that are expected to come on stream soon.However, some operating policies in credit unions may undergo changes as the Ministry of Finance seeks to bring the Credit Union Movement under the supervision of the Bank of Jamaica.
That is according to the Jamaica Co-operative Credit Union League (JCCUL), the national association of credit unions, in response to concerns being raised by members.
In a release, the JCCUL said that since 2000, it has been holding discussions about the proposed regulations with the Ministry of Finance and the Bank of Jamaica, and those guidelines are expected to be tabled in Parliament soon.
DISCUSSIONS
The JCCUL said it has been keeping member credit unions abreast of the discussions and some have, in turn, been sensitising their members to the pending changes.
Among the benefits to be derived from the BoJ regulations will be an increase in the array of financial services credit unions will be able to provide, as well as the recognition of credit unions as financial institutions in their own right.
The decision to place credit unions under the supervision of the Bank of Jamaica is in keeping with a Government decision taken some years ago, as well as worldwide trends that all deposit-taking institutions, including commercial banks, building societies and merchant banks, should be regulated by the financial authorities.
The JCCUL said it has put in place an information programme to educate credit union members and the public about the regulations, but would await the Finance Minister's announcement in Parliament.
