In response to claims made by a Joint Select Committee regarding the outdated legislative framework governing credit unions around the country, the Co-operative Credit Union League of Trinidad and Tobago is pledging its unwavering support to the development of the movement.
This affirmation was made at the launch of its 2026 Calendar of Events.
Newly appointed President of the Co-operative Credit Union League of Trinidad and Tobago, Auldric Neptune, responded to claims made by the Joint Select Committee on Finance and Legal Affairs, which convened on Friday January 23rd to inquire into the supervision and oversight of credit unions.
He noted that the union has been lobbying for a legislative upgrade since 1975 but its efforts went unnoticed for decades.
“These claims by the Central Bank are a distortion of the facts. For it is a matter of public record that the League and the credit union movement were the first to call for modernisation of the Cooperative Society Act 81:03 of 1971.”
With the launch of the Calendar of Events for 2026, Mr. Neptune said the movement will continue to defend its rights and protect the interests of its members.
“We support the democratic rights of the members to elect their leaders. However, we have never suggested that anyone, as the Central Bank puts it, can walk off the streets without meeting the necessary competencies and sit on a Board. We have never advocated that we do not support that and that is not what exists in the movement at the moment.”
Meanwhile, Chief Sales and Marketing Officer of the Unit Trust Corporation, Deyson Scott, reported an average growth rate of 7.2% over the past 20 consecutive years, a significant growth rate compared to various sectors during the same period, while addressing claims made at the Joint Select Committee.
“Over the last 20 years, the credit union movement moved from about $4.5 billion in assets under management to over $20 billion today, that’s almost four and a half times growth. If we look at the entire financial system over the same 20-year period, the credit union movement would be the highest sector in that 20-year period.”
The annual calendar of events listed several items, including an overview of FATF amendments in March, the 79th Annual General Meeting in April, and the 26th Annual Leadership Conference in May.