PARLIAMENT TO INTRODUCE LEGISLATION FOR DEPOSIT INSURANCE FOR CREDIT UNIONS

Barbados’ credit union movement is poised to achieve a major milestone, with legislation to establish deposit insurance for credit union members expected to be introduced in Parliament within days.

The announcement was made by President of the Barbados Cooperative and Credit Union League Kemar Cumberbatch during the opening ceremony of the Caribbean Confederation of Credit Unions (CCCU) Annual Conference at the Wyndham Grand Sam Lord’s Castle.

Addressing delegates from across the region, Cumberbatch reflected on the resilience of the movement amid changing economic conditions.

“Since we last gathered, the global financial landscape has transformed completely, yet our core philosophy remains unshakable: people helping people,” he said, while acknowledging the support of government officials, regulators and regional partners.

He noted that Barbados’ credit unions continue to play a significant role in promoting financial inclusion and now manage assets in excess of US$1.7 billion.

However, Cumberbatch described the anticipated deposit insurance legislation as the sector’s most significant recent achievement.

“I have been advised by the highest possible authority that in just a few short days, the Government of Barbados will officially lay legislation in the House of Assembly with respect to the passage of deposit insurance for the credit union movement,” he announced.

The league president hailed the development as a “monumental victory” for the movement, noting that it represents the culmination of more than 15 years of advocacy aimed at strengthening protections for members’ savings.

Deposit insurance would provide an additional layer of security for credit union depositors and bring the sector closer in line with international standards for financial stability and consumer protection.