00:00Last week, a joint select committee convened to examine the supervisory
00:05and prudential oversight of credit unions in Trinidad and Tobago.
00:10According to the Cooperative Credit Union League, the sector itself was not invited to
00:15participate.
00:16League President Aldrich Neptune says the omission is troubling.
00:20Particularly given the comments made during the hearing.
00:25This was covered by the fact in the first instance that the JSC met to discuss issues
00:30that speaks of impact unions directly and we
00:35were not invited to be part of those discussions and when we
00:40listened to how those, that hearing, that particular hearing.
00:45We were even more disappointed by the fact that the
00:50central bank preferred or made representations to the committee.
00:55which they knew or ought to have known were incorrect.
01:00He was inclined to share what he suspects to be the reason why credit unions were not represented
01:05at the JSC.
01:06However, he is questioning why the central bank was speaking
01:10on credit union affairs.
01:11The JSC was
01:15in the ministry, the commissioner's office and the central bank.
01:20which, by the way, has no regulatory guidance.
01:25to do the oversight of,
01:26oversight for credit unions save and accept a credit union that may be
01:30engaging in forex transaction to suggest that the league and the move.
01:35The government has already always pushed back against
01:40regulation is not in fact so.
01:44We have advocated.
01:45Since summer of 2005 for a review and a change of.
01:50Regulatory framework.
01:51And beyond record.
01:53As beyond.
01:55I'm a member of the cabinet appointed committee implementation
01:59team sorry in 2020.
02:00In 2005 where we made suggestions.
02:03If you expect the.
02:04Regulatory framework.
02:05Neptune is also taking issue with the assertion.
02:08That credit unions lack.
02:10Regulation.
02:11To say that there's nothing in fact so.
02:13The corporate.
02:14The corporate.
02:15The corporate union movement.
02:16Is in fact regulated.
02:17Our regulator is the commissioner for cooperative.
02:20So there's a regulator in place.
02:21Whether or not the regulator based on the resources are available.
02:25Can in fact.
02:26Discharge.
02:27Its responsibility.
02:28As required on the law.
02:30And there's another discussion.
02:31As a result.
02:32The league is calling for an apology from the center.
02:35Central Bank.
02:36So we.
02:37We want those statements to be.
02:38Um.
02:39Retracted.
02:40And.
02:40We want a.
02:41Uh.
02:42Uh.
02:43Consequent apology.
02:44Um.
02:45As I said.
02:46We want the.
02:47So-called.
02:48Seven of the records.
02:49Street.
02:50Uncorrect.
02:51Which is spec.
02:52You.
02:53You.
02:54You.
02:55You.
02:56You.
02:57You.
02:58You.
02:59You.
03:00You.
03:01You.
03:02You.
03:03You.
03:04You.
03:05You.
03:06You.
03:08You.
03:09You.
03:10You.
03:11You.
03:12You.
03:13You.
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