“The Government takes the Credit Union Movement very seriously. This Memorandum of Understanding (MoU) helps Co-operatives, through the Co-operative Development Division, to tap in to the expertise of the Central Bank of Trinidad and Tobago.
The Honourable Foster Cummings, Minister of Youth Development and National Service was speaking at the Signing Ceremony for a Memorandum of Understanding for Co-operation, Institutional Strengthening and Knowledge Sharing between the Commissioner of Co-operative Development, Ministry of Youth Development and National Service (MYDNS) and the Central Bank of Trinidad and Tobago (CBTT). The Ceremony took place on Friday 11th March, 2022 at the Central Bank of Trinidad and Tobago, Port of Spain.
Minister Cummings explained, “The MYDNS is happy to see our Co-operative Development Division realise its vision. This collaboration with the CBTT is a key step that will allow Credit Unions to improve their supervisory policies and procedures; capacity building for employees and knowledge transfer related to regulations and risk-based supervision governance.”
The Minister also highlighted the collaborations between the Credit Union League, Central Bank of Trinidad and Tobago, the Co-operative Development Division and other experts to implement the recommendations of the Cabinet-Appointed Committee on the Future of the Credit Union Sector.
Dr. Alvin Hilaire, Governor, Central Bank of Trinidad and Tobago asserted, “We are proud and excited to bring our years of experience with training, and regulation with banks and non-banks institutions to give technical support and make a meaningful contribution.”
Also speaking at the event were Mr. Farook Hosein, Permanent Secretary, MYDNS and Ms. Charmaine Mc Millan-Simon, Commissioner for Co-operative Development, MYDNS.
Credit Unions, as financial co-operatives, are supervised by the Co-operative Development Division which is under the remit of the Ministry of Youth Development and National Service. The vision of the CDD is to be the leading authority for the development of Co-operatives into sustainable and viable business enterprises at the national level.
The Ministry of Youth Development and National Service is committed to bringing stakeholders together to promote youth development, encourage civic-minded citizens to contribute to National Service.