TCI News

TCI: Public Consultation on Credit Union Subsidiary Legislation

#Providenciales, May 1, 2019 – Turks and Caicos PThe Government of the Turks and Caicos Islands recognizes that credit unions could play an important role in capital formation, productive investment and ultimately the economic development of the country. 

The Credit Union Ordinance (Ordinance 27 of 2016) was approved in the House of Assembly on 26 July 2016 but was not brought into operation due to the requirement to have Regulations and Prudential Standards (subsidiary legislation) in place.  

The general public is now invited to provide feedback on this subsidiary legislation. It dictates how the provisions of the Ordinance are to be applied and implemented, directing on the following:

  1. Licensing of Credit Unions
  2. Management
  3. Shares
  4. Borrowing and Liquidity
  5. The Business of a Credit Union
  6. Loan Administration
  7. Property and Funds of a Credit Union
  8. Amalgamation
  9. Appointment of Receivers or Judicial Manager
  10. Dissolution
  11. Disputes

The  documents (in draft) are accessible via the TCI Government website: www.gov.tc.  They can also be accessed on the Turks and Caicos Islands Financial Services Commission website at link: http://tcifsc.tc/publications/consultative-documents.

Comments can be sent to the following email addresses: creditunionconsultation@gov.tc or consultation@tcifsc.tc

Persons wishing to provide feedback in hard copy, may submit written representation to: The Ministry of Finance, Trade and Investment, The Treasury Building, Downtown, Providenciales or Durham’s Building, Lighthouse Road, Grand Turk.  Envelopes should be clearly marked: “Feedback on Credit Union Legislation”.

Two town hall meetings are scheduled for the islands of Grand Turk and Providenciales, respectively. 

Grand Turk –  Date: Monday, 6 May 2019 Venue: Dillon Hall │Time: 6:00p.m.

Providenciales   –  Date: Thursday, 9 May 2019│ Venue: Airport Inn, Conference Room│ Time 6:00p.m.

The electronic consultation closes 15 May 2019.

Release:  TCIG

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