![]() ![]() “It has been operating for years,” said Chambers. In contrast, in the Angostura Group Employees Credit Union, the bond agreement requires that to be a member, a candidate would have to be an employee of Angostura or an employee's immediate family member. In each incarnation, the bond agreement had to change to serve the needs of the membership, from being part of the company or entity in which the credit union operated to much wider requirements. At that point they named themselves the Eastern Credit Union. They eventually grew outside the estate, and began to provide services to the general public. So they changed their names to the Eastern Industrial Credit Union. The credit union began to grow, and other companies in the Frederick Settlement Industrial Estate, in Caroni, where Bermudez was located wanted to be part of the group. “The bond for membership back then was that you had to be an employee of Bermudez Biscuits,” he said. The ECU, in its inception, was a credit union based at the Bermudez Biscuit Company – at that time it was called the Bermudez Biscuit Employees Credit Union. They still have to adhere to CFT and AML requirements but their membership is made up of individuals who areĪble to meet the specific bond agreement – a specific set of requirements needed for entry, such as being employed with the company of which the credit union is a part.Ĭhambers used the Eastern Credit Union as an example. When the business grows to the point that it is registered, our argument is that we should be able to retain that business, and the business itself can become a member, so as a corporate entity, these businesses would be able to borrow money.”īut Jerome Chambers Co-operative development co-ordinator, in the office for the division for co-operative development said there is still much to consider if there were to be any legislative changes to include businesses, the first of which is, how members are selected for credit unions, as opposed to banks.įor banks, which have a profit-based business module, there is a list of requirements for entry, including measures under the Counter-Financing of Terrorism (CFT) and Anti-Money Laundering (AML) acts, but they are open to all entities, which pay interest for the management of funds.įor a credit union, which is community-based, the rules are different. “Young members start their small businesses by taking a loan from the credit union. “That is one of the sore points with us in the credit union movement,” said Remy, speaking to Business Day last week. Joseph Remy president of the Co-operative Credit Union League. Therefore, legally, a legal entity such as a small business would not be able to become a member of any co-operative society According to the Interpretation Act, the word “individual” does not refer to a legal entity. Section 10 (2) of the Co-operative Societies Act provides that an individual may be eligible to join a credit union. ![]() With their multiple benefits, funding mechanisms and returns, Joseph Remy, president of the Co-operative Credit Union League of TT (CCULTT) is calling for legislation supporting credit unions to change to bring that same service and quality given to its members to the business community. Credit unions have a $3 billion asset base and contribute 5.6 per cent of the GDP.Ĭredit unions have also evolved to the point where their members enjoy the same benefits as banks, with loan products and facilities, technological frameworks to streamline members’ access to funds, and education and advisory modules to enhance members’ financial education. ![]() Today, there are 129 active credit unions, with 120,000 members. ![]()
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