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| Bermuda To Reform Credit Union Legislation |
by Phillip Morton, Investors Offshore.com
Thursday, June 24, 2010
Bermuda’s Minister for Finance, Paula Cox has announced the tabling of a
landmark credit union reform bill as part of efforts to modernize the jurisdiction’s
financial laws.
Commenting, Cox said:
“I am pleased to have tabled the Credit Union Act 2010 in Bermuda’s
House of Assembly. This legislation is extremely important in that it will modernize
and strengthen Bermuda’s regulatory framework for credit unions.”
“The framework will provide an appropriate set of financial management
disciplines for the credit union to maintain, while also allowing the creation
of shareholder wealth for its members.”
“In summary, the new legislation will transfer complete regulatory and
supervisory responsibilities for credit unions to the Bermuda Monetary Authority
and this is consistent with international standards which maintain that the
agency that regulates financial institutions should supervise credit unions.”
Continuing, Cox noted the importance of credit unions in Bermuda and worldwide
as they offer members much more than financial services. “They provide
members the opportunity to own their own financial institution and help them
create opportunities such as starting small businesses, building family homes
and educating their children. In some countries, members encounter their first
taste of democratic decision making through their credit unions,” she
concluded.
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