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The Barbados Co-operative & Credit Union League is pleased to bring you the first issue of our

We are operating in a quickly changing financial environment and it is essentiial for Credit Unions to be equipped with the necessary knowledge to function efficiently and effectively.

To this end, The League has developed this publication to keep you abreast of what is

happening in the co-operative world - locally, regionally and worldwide.

The magazine

will be published on a


basis in an

electronic format. We encourage you to GET INVOLVED by not only reading the contents but by submitting your own photos, articles or suggestions for articles so that we are better able to meet your needs. As usual we look forward to receiving your regarding this initiative.

support and feedback

Happy Reading!

pg. 3 GET INVOLVED: OCT 2011 – Barbados Co-operative & Credit Union League Ltd.

WELCOME The Barbados Co-operative & Credit Union League (BCCULL) Ltd. is pleased to bring to you the first issue of

This quarterly, electronic magazine is intended to help Co-operatives to acquire the knowledge necessary to deal with a rapidly changing financial environment; regulation and supervision of credit unions. We will endeavour to bring you news/ articles which keep you abreast of what’s happening in

the world of co-operatives - locally, regionally and worldwide. We look forward to your feedback and urge you to Get Involved by sending us your photos, articles and article suggestions for publication.

The Annual General Meeting of the

Barbados Co-operative & Credit Union League Ltd.

is scheduled to take place


29 October 2011 Lloyd Erskine Sandiford Centre, Two Mile Hill, St. Michael 3:00. p.m. pg. 2 GET INVOLVED: OCT 2011 – Barbados Co-operative & Credit Union League Ltd.

Credit Unions

Building A Better World International Credit Union Day - 20 October 2011

This year Credit Unions across the world celebrate International Credit Union Day under the theme, “Credit Unions Build a Better World”. This theme recognizes the significant contributions Credit Unions have made and continue to make to the social and economic development of individuals and communities across the world. Worldwide more than 184 million people have chosen the credit union brand for the provision of their financial services. In particular, Barbados boasts a membership of more than 150,000 persons registered across our 33 Credit Unions. Today, we are indeed proud of our achievements in facilitating the economic enfranchisement of ordinary Barbadians by placing people before profits, and providing easier access to loans and other financial services. Credit Unions have continued to provide lower loan rates and good service even in light of the current financial crisis. The prudent financial management demonstrated by Credit Union Executives and Staff, and the personalized service approach to members has resulted in the movement recording a savings growth rate of 7.89

%, and a loan growth rate of 8.56% for the 12-month period ended June 30, 2011. These growth rates are highly commendable, in the midst of this great economic recession. Of global significance, the United Nations will be launching the International Year of Co-operatives (IYC) on October 30, 2011, in celebration of the contribution of Cooperatives. Barbados will join in these year-long activities to highlight the achievements and successes of our very own Co-operatives but more importantly we will be promoting the uniqueness of Co-operatives at all levels of our society. Credit Unions have undoubtedly been a tremendous success story, it is hoped that IYC 2012 activities will be the catalyst for the further development and growth of nonfinancial co-operatives here in Barbados. The Board of Directors of the Barbados Co-operative & Credit Union League Limited (BCCUL), extend sincere thanks and well wishes to all credit union executives, staff, and members on this International Credit Union Day

Hally Haynes President, BCCULL

What did your Credit Union do to celebrate ICU Day? Tell us about your activities so that they can be featured in the next edition! Email your pg. 4 GET INVOLVED: OCT 2011 –to Barbados Co-operative & Credit Union League Ltd. text and photos us at

CUNA CEO Bill Cheney Addresses Credit Union Members CUNA CEO Bill Cheney has a special ICU Day message for your members, and we'd like you to pass it on for him!

In a video wishing each credit union member around the world the best on ICU Day, he explains the cooperative aspects of credit unions: they are about people, not profit.

Says Bill, "We have a philosophy in the credit union movement that’s been with us for over 75 years, and that’s

'people helping people,' and that’s not just a catch-phrase, that’s what credit unions do. They pool your resources to build better communities and to help you have a better and stronger financial wellbeing."

He also introduces credit union members to the 2012 International Year of Cooperatives

and ties that United Nations designation back to credit unions, since they are financial cooperatives. He ends in affirming the belief that credit unions build a better world and thanks members for being a part of that effort. /icuday_cheney_membe r_1011.html

Please share this video on your websites and promote it through any online communications you may use to interact with members. Joanne Sepich ICU Day Coordinator Credit Union National Association (CUNA) Phone: 608-231-4867 or 800-356-9655, ext. 4867 (out Mondays) Email:

pg. 5 GET INVOLVED: OCT 2011 – Barbados Co-operative & Credit Union League Ltd.

CCCU’s President Yvonne Ridguard Harris ICU Day Message Fellow Co-operators, Happy International Credit Union Day!!! Today we join together to celebrate the Credit Union difference and to recognise the contributions that Credit Unions make every day to the lives of their members and communities worldwide. The Caribbean Credit Union sector comprising over 360 Credit Unions, are a part of the over 49,000 Credit Unions in 97 countries around the world, with over 184 million members celebrating International Credit Union Day. September 12, 1941, saw the birth of the first Credit Union in the Caribbean, the Clerks Credit Union Ltd. in Jamaica. Since 1948, Credit Unions in the Caribbean and around the world, have come together annually on the third Thursday in October, to commemorate the Movement’s history and achievements. (continued on page 5)

pg. 6 GET INVOLVED: OCT 2011 – Barbados Co-operative & Credit Union League Ltd.

For over 70 years, the Credit Union Movement within the Caribbean have been providing their members with access to affordable financial services and creating and redistributing wealth across the region. Notwithstanding the unpredictable and often times, harsh economic climate, the sector has achieved significant growth and now boasts US$4.2 billion in assets with over 2.1 million members!!! This growth has caused our respective Governments and peoples to recognise the importance of Credit Unions within the Financial Sector, resulting in new Legislation and/or Regulations throughout the Region.

Collectively, whether our members are rich or poor, from villages or cities, in communities at peace or in conflict, Credit Unions are helping their members every day to create new opportunities for growth and development. This year, our theme

“Credit Unions Build a Better World” celebrates the important economic and social contributions, that Credit Unions make to their communities worldwide. Credit Unions are very different indeed, both in philosophy and structure to their traditional for-profit financial competitors. Community commitment and positive

economic and social change, are just two of the important differences. Credit Unions invest their earnings in helping members meet their financial goals. For more than 150 years, Credit Unions worldwide have proudly put people before profits in order to provide their members with access to affordable financial services. Credit Unions have consistently carried on the traditions set forth by their founders and exemplify the values of thrift, self-sufficiency and volunteer leadership, democratically elected from amongst their members. These qualities help Credit Unions create a special place for themselves among the world’s financial institutions. In the spirit of International Credit Union Day, let us look beyond our local community and region, to recognise Credit Unions for the important role they play in many distressed urban and rural areas worldwide. Many persons would not have been able to afford to own homes, start new businesses or attend school without the help of their Credit Union. In some areas of the world, people would not have access to financial services at all, without their Credit Union. As we look forward to the launch of International Year of Co-operatives 2012 on October 31st, we have much to celebrate on the continued importance of the Credit Union Business Model to the socio economic development of the Caribbean and many other Countries within the world.

Yvonne Ridguard Harris President, CCCU

pg. 7 GET INVOLVED: OCT 2011 – Barbados Co-operative & Credit Union League Ltd.

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Financial Services Commission The Financial Services Commission Act 2010 was enacted by the Parliament of Barbados to provide for the establishment of the Financial Services Commission which is expected to regulate the financial services sector other than banking services, i.e. Credit Unions as defined under section 193 of the Cooperative Societies Act, will now be regulated by the newly established Financial Services Commission. Specifically, functions of the Commission are: 1. 2. 3.

4. 5. 6. 7. 8.


To be responsible for the administration of the specified enactments, including the licensing or registration, as the case may be, of financial institutions; To supervise and regulate the operation of financial institutions; To establish standards for institutional strengthening, for the control and management of risk in the financial services sector and for the protection of customers of financial institutions as well as creditors and the public; To issue guidelines in accordance with section 53; To promote stability, public awareness and public confidence in the operations of financial institutions; To increase the competitiveness of the financial services sector; To advise the Minister in respect of matters relating to the Act; To provide technical assistance and advice to the International Business Unit or to any other Government agency in relation to its responsibilities under any law to supervise, regulate or monitor any businessOCT operating Barbados; and pg. 8 GET INVOLVED: 2011 – in Barbados Co-operative & Credit Union League Ltd. To do such things as are necessary to effectively carry out the purposes of the Act.

With the introduction of the Financial Services Commission (FSC) to the local regulatory framework now more than ever Credit Unions need to stay alert!


Research - As the old saying goes – Knowledge is Power! Stay abreast of any changes that are occurring in the industry. It is essential that you research new legislation and requirements.


Review your Policies and Procedures - Are they in alignment

with regulatory requirements? If so, then wonderful! If not put a plan in place to get them up-to-date.


Report - Ensure that you always meet deadlines for submission of

any reports. Remember Murphy’s Law- “Anything that can go wrong will go wrong"- do not wait until the last minute to compile information or gather signatures.

4. 5.

Improve Your Knowledge/Skills - Look out for Training Opportunities/ Seminars as these will help you remain current and alert.

Communicate - Establish internal lines of communication to

ensure that at every level the importance of meeting requirements are understood. It is also helpful to form a relationship with key personnel at the League and the FSC to ensure that they are aware of your efforts and can provide guidance and information as it is required. Are you a small Credit Union in need of help to meet FSC regulations? Contact us at

pg. 9 GET INVOLVED: OCT 2011 – Barbados Co-operative & Credit Union League Ltd.

Does the thought of providing excellent service leave you puzzled or confused? Then we are here to help you! The type of service you offer can make or break your Credit Union so it is essential to get it right the first time. Customer Service is all that your Credit Union does to meet customer expectations and produce customer satisfaction. There are three critical components

 Defect free products/ service,  Timeliness,  CARING. Defect Free Products/Service: Faulty products or shabby service delivery is guaranteed to annoy

your members. You must consistently

and efficiently deliver what your members need. Pay attention; gather as much information as possible so that you can meet both stated and unstated member needs. Timeliness: As service providers you need to respect your member’s time. Show your customers that you are interested in serving them by

responding promptly to their requests. Caring: Your members are looking for TLC from you, that is, they need you to always put yourselves in their shoes and Think Like A Customer. Stop and ask yourself what would I expect

from a transaction, what would make me happy, what would make this moment memorable. In order to deliver service which is consistently defect free, timely and caring, efforts must be made to lay a strong Customer Service foundation. Credit Union Leaders must establish a vision for the type of customer service culture they wish to create. Once you have a clear vision work together to agree and clearly communicate your values, service standards and expectations to encourage the growth of your customer service culture. If you need help solving the customer service puzzle and getting on target, contact us at mmarshall@barbadoscoop .

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pg. 10 GET INVOLVED: OCT 2011 – Barbados Co-operative & Credit Union League Ltd.

TRAINING – What’s Scheduled 1

Home & Land Investment 22 October 9am to 12pm


This presentation is targeted at all those individuals contemplating the purchase of a home and land. It is widely accepted that investment in a home is perhaps one of the single most substantial forms of investment an individual will make in his/her lifetime. Course Category: Personal Interest Presentation

Regulatory Compliance 2: Plugging Money Laundering Vulnerabilities in the Credit Union Movement 29 October 9am to 12pm This ½ day session seeks to ensure that the credit union fraternity are institutionally equipped to address the issues of regulatory and reputational risk which may arise from incidents of money laundering, fraud and terrorist financing. Course Category: Compliance, Lending & Collections

Business Communication Delinquency Management 4 Made Simple 5 November 12 November 9am to 4pm High levels of delinquency reduce 9am to 4pm profitability and negatively impact Whether a business organization is institutional capital. If unchecked it will successful depends largely on the ultimately undermine the financial health behaviour of the people in that of the financial co-operative. organization.


Management of delinquency should This one-day session focuses commence at the loan application stage techniques used in communicating. Course Category: Business Development, and follow through to the final payment. Course Category: Compliance, Lending & Collections



Administration & Service

Performance Management 19 November 9am to 4pm

Performance Management and Appraisals tends to be one of those essentials in a company that is often handled badly or not at all. These functions are important in order to provide employees with feedback that can assist them in understanding their roles and encourage them to review, maintain or improve the quality of their work. Course Category: Business Development, Administration & Service

pg. 11 GET INVOLVED: OCT 2011 – Barbados Co-operative & Credit Union League Ltd.

Tell us what you would like to read in the next issue of

Contact us at: BARBADOS CO-OPERATIVE & CREDIT UNION LEAGUE LTD. “Hadley Court” Upper Collymore Rock St. Michael Tel: 246-429-7075 Fax: 246-436-5848 Email: Visit our website:

pg. 12 GET INVOLVED: OCT 2011 – Barbados Co-operative & Credit Union League Ltd.

BCCULL Get Involved Magazine Issue 1  
BCCULL Get Involved Magazine Issue 1  

The magazine of the Barbados Co-operative Credit Union League Ltd.