WOCCU Educates Caribbean Regulators On CU Difference
April 29, 2004
Madison, WI-Thirty-five regulators from 18 different countries participated last week in Barbados in a seminar on CU supervision organized by World Council of Credit Unions, Inc. (WOCCU) at the request of Caribbean Regional Technical Assistance Center (CARTEC). CARTEC is sponsored by International Monetary Fund, U.S. Agency for International Development, CIDA, Canada, DFID, the United Kingdom, International Development Bank and the World Bank among others.
World Council invited the National Association of State Credit Union Supervisors (NASCUS) to assist in presenting best practices in supervision of credit unions in the United States. The NASCUS presenters included: Barbara Pogue, director of membership & accreditation, NASCUS; Ella Robinson, retired commissioner from Kentucky; and Roger Little, deputy commissioner from Michigan who shared experiences in the NASCUS Certification Program, financial management, credit risk management and sound lending policies with their colleagues from the Caribbean.
The World Council team of presenters, consisted of Arthur Arnold, president & CEO; Brian Branch, vice president and COO; Mark Cifuentes, senior manager-development; and Jesus Chavez, technical development manager spoke on delegated supervision, quirks in the laws: what works and what does not, effective supervision, good governance and World Council's PEARLS Monitoring System for regulators in the Caribbean.
Caribbean credit union representatives included: Glen Francis, general manager of the Jamaica Cooperative Credit Union League and Martin Guevara, CEO of WOCCU's member organization, the Caribbean Confederation of Credit Unions also gave presentations on practical approaches to credit union supervision, accounting systems and audit practices.
During the seminar, Glen Francis was able to demonstrate that good supervision supported by WOCCU's PEARLS standards and monitoring system, generates sustainable development results. When World Council started the strengthening project in 1997, the collective institutional capital of all credit unions in Jamaica amounted to a negative 1% of total assets. At the completion of the project in 2000 the institutional capital rate was a positive 4%. Today, it is a positive 8 %. "I have nothing to add. The statistics say it all! Credit unions can become an integral part of a sound and safe financial system in the Caribbean," explained Arnold.
"This is an unique opportunity to educate regulators and supervisors in the Caribbean about the credit union difference. The high level of participation and lively discussions demonstrate that all participants will leave this seminar with a much better understanding what credit unions are all about and how to supervise them more effectively," noted Arthur Arnold, WOCCU president & CEO.
World Council of Credit Unions is the global trade association and development agency for credit unions. World Council promotes the sustainable development of credit unions and other financial cooperatives around the world to empower people through access to high quality and affordable financial services. World Council advocates on behalf of the global credit union system before international organizations and works with national governments to improve legislation and regulation. Its technical assistance programs introduce new tools and technologies to strengthen credit unions' financial performance and increase their outreach.
World Council has implemented more than 290 technical assistance programs in 71 countries. Worldwide, 60,500 credit unions in 109 countries serve 223 million people. Learn more about World Council's impact around the world at www.woccu.org.