The Credit Union Movement is protesting the way they have been sidelined by government, in its plans to transfer the Cipriani Labour College to the control of the University of T&T (UTT). "As a major stakeholder in that centre for tertiary learning we have been completely sidelined by a move to have the college absorbed by UTT. This may or may not be a good thing for the labour movement, as we are not aware of the terms of reference of the move by government," he said. Brian Moore, president of the Co-operative Credit Union League of Trinidad and Tobago (CCULTT), made these comments yesterday at the launch ceremony for the 2010 programme of developmental initiatives of the CCULTT at the Crown Plaza Hotel, Port-of-Spain.
"But the credit union movement as a major stakeholder has not been afforded the first hand information nor consultation. There lies our concerns," he added. He added that 2009 was a difficult year for all sectors of the economy including credit unions. "This year also promises to be a year full of challenges and more importantly full of opportunity. Our challenges include the economic situation such as contracting economic activity with the potential of growing unemployment within our membership fold," he said. He said the movement would face a serious challenge to grow its revenues base in the face of the slowing economy. Moore noted that there could also be legislative challenges as well. "A proposed regulatory regime notwithstanding their positive elements, still contain provisions that can grievously injure the movement as whole but particularly our small credit union members.
"We have other legislative challenges as well that deal with money laundering and anti-terrorism initiatives. We are hoping in the application of these things credit unions differences can be considered," he said. He also said there are opportunities for credit unions that would emerge in 2010. "There is a greater space for credit unions to engage in greater economic activity to support the growth of non financial co-operatives and to support a variety of entrepreneurial initiatives by credit union members," he said. Moore said credit unions were a major provider of services to working class people.
"A credit union is not just another financial institution. We hold fast to our beliefs that we are fundamentally a co-operative provider of mainly financial services for the disadvantaged, undeserved in our society and exist to satisfy our members needs," he said. The credit union movement invites all stakeholders to partner with them, he said. "As we prepare for a new legislative regime, we have to adapt to change while preserving the tenets of our movement. We also invite our other stakeholders including the Government, to make this important journey with us as we move ahead in 2010," he said.