[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-108883-en":3,"doc-seo-108883-105":31,"detail-sidebar-cat-0-en-105":92},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":28,"seo_description":14,"update_tm":29,"read_time":30},108883,962075114101,"Seraphina","https://ap-avatar.wpscdn.com/avatar/e000253a75eb197efd?x-image-process=image/resize,m_fixed,w_180,h_180&k=1780044092746381165",8,"Research & Report","Trinidad and Tobago - Credit Unions - Technical Note - May 2020","Technical Note for the Financial Sector Assessment Program update in Trinidad and Tobago focusing on the Credit Union (CU) sector. Provides diagnostic findings on sector structure, concentration, membership size, and reasons behind the high number of CUs, including regulatory entry barriers and supervisory delays. Examines legal and supervisory frameworks, the CU financial safety net, and governmental initiatives influencing regulatory and institutional arrangements. Summarizes key recommendations and supporting annex materials on sector data and supervision principles, including proposed CSA amendments.","Public Disclosure Authorized Public Disclosure Authorized  \nFINANCIAL SECTOR ASSESSMENT PROGRAM UPDATE  \nTRINIDAD AND TOBAGO  \nCREDIT UNIONS  \nTECHNICAL NOTE  \nMAY 2020  \nThis Technical Note was prepared by Jose Rutman (World Bank) in the context of the Financial Sector Assessment Program in Trinidad and Tobago, led by Marius Vismantas, World Bank and Marc Dobler, IMF and overseen by the Finance, Competitiveness, and Innovation Global Practice, World Bank Group and the Monetary and Capital Markets Department, IMF. It contains technical analysis and detailed information underpinning the FSAP’s findings and recommendations pertaining to Credit Union (CU) Sector. Further information on the FSAP program can be found at [www.worldbank.org/fsap](www.worldbank.org/fsap) and [http://www.imf.org/external/np/fsap/fssa.aspx](http://www.imf.org/external/np/fsap/fssa.aspx)  \nTHE WORLD BANK  \nFINANCE, COMPETITIVENESS, AND INNOVATION GLOBAL PRACTICE LATIN AMERICA AND THE CARIBBEAN REGIONAL VICE PRESIDENCY  \nCONTENTS  \nGLOSSARY............................................................................................................................................... 3  \nEXECUTIVE SUMMARY ............................................................................................................................ 4  \nTable of Key Recommendations .............................................................................................................. 7  \nI. MAIN FINDINGS .................................................................................................................................... 8  \nA. Description of the Credit Union sector ............................................................................................ 8  \nB. Legal and supervisory framework for CUs .................................................................................... 12  \nC. CUs´ Financial Safety Net (FSN) .................................................................................................. 15  \nD. Governmental initiatives related to the regulatory, supervisory, and institutional framework of CUs......................................................................................................................................................... 16  \nII. RECOMMENDATIONS ......................................................................................................................... 18  \nAnnex 1. Credit Union Sector Data ................................................................................................... 22  \nAnnex 2. IICURN Principles for effective supervision of financial cooperatives ................................ 24  \nAnnex 3. Proposed amendments on CSA prepared by CCD ............................................................... 26  \nGLOSSARY  \nACH  \nAGM  \nAML/CFT  \nCBTT  \nCAR  \nCCD  \nCCULTT  \nCFF  \nCSA  \nCU  \nCUA  \nDIC  \nECL  \nELA  \nFIU  \nFSN  \nICATT  \nICURN  \nILO  \nMOF  \nMOLSED  \nNPC  \nNPLs  \nOSFO  \nP&A  \nTTCUDIF  \nTT  \nTTD  \nUSD  \nWOCCU  \nAutomated Clearinghouse Annual General Meeting  \nAnti-Money Laundering/Combating the Financing of Terrorism Central Bank of Trinidad and Tobago  \nCapital Asset Ratio  \nCommissioner of Co-operative Development  \nCo-operative Credit Union League of Trinidad & Tobago Society Limited Central Finance Facility Co-operative Society Limited  \nCo-operative Societies Act Credit Union  \nCredit Union Act  \nDeposit Insurance Corporation Expected Credit Losses Emergency Liquidity Assistance Financial Intelligence Unit  \nFinancial Safety Net  \nInstitute of Chartered Accountants of Trinidad and Tobago International Credit Union Regulators Network International Labor Organization  \nMinister of Finance  \nMinistry of Labor and Small Enterprises Development National Policy on Cooperatives  \nNon-Performing Loans  \nOffice of the Financial Service Ombudsman Purchase and Assumption  \nTrinidad and Tobago Credit Union Deposit Insurance Fund Co-operative Society Ltd Trinidad and Tobag","cbCailghFdW5RX3e","https://ap.wps.com/l/cbCailghFdW5RX3e","pdf",577477,3,1,27,"English","en",105,"# Glossary\n# Executive Summary\n## Findings / Diagnostic\n# Main Findings\n## Description of the Credit Union sector\n## Legal and supervisory framework for CUs\n## CUs´ Financial Safety Net (FSN)\n## Governmental initiatives related to CU regulatory and supervisory framework\n# Recommendations\n# Annexes\n## Credit Union Sector Data\n## IICURN Principles for effective supervision of financial cooperatives\n## Proposed amendments on CSA prepared by CCD","[{\"question\":\"What are the key characteristics of the credit union sector in Trinidad and Tobago?\",\"answer\":\"The CU sector is concentrated with 129 institutions and represents about 4.5% of total financial sector assets. It serves around 600,000 members, roughly 45% of the adult population, with two largest CUs holding 26% of total assets and about 40% of members.\"},{\"question\":\"Why does Trinidad and Tobago have a large number of credit unions?\",\"answer\":\"The report suggests hypotheses including low entry barriers, inadequate prudential regulation and supervision, and delays in deregistering inactive CUs by the Commissioner of Co-operative Development. It also links weak reporting and compliance difficulties (including IFRS9) to limitations in accounting and IT systems and supervisory capacity.\"},{\"question\":\"How are credit union lending activities structured and what limitations affect their services?\",\"answer\":\"CU loan portfolios are mainly concentrated in consumer loans structured as a multiplier of members’ shares, payroll deduction, and specific loan types such as car loans and mortgages. Legal and regulatory restrictions limit services like direct participation in automated clearing systems, issuance of credit cards, and transformation into a cooperative bank.\"}]","Trinidad and Tobago - Credit Unions - Technical Note - May 2020 | PDF",1784474634,68,{"code":4,"msg":32,"data":33},"ok",{"site_id":25,"language":24,"slug":34,"title":13,"keywords":35,"description":14,"schema_data":36,"social_meta":87,"head_meta":89,"extra_data":91,"updated_unix":29},"trinidad-and-tobago-credit-unions-technical-note-may-2020","",{"@graph":37,"@context":86},[38,54,69],{"@type":39,"itemListElement":40},"BreadcrumbList",[41,45,49,51],{"item":42,"name":43,"@type":44,"position":21},"https://docshare.wps.com","Home","ListItem",{"item":46,"name":47,"@type":44,"position":48},"https://docshare.wps.com/document/","Document",2,{"item":50,"name":12,"@type":44,"position":20},"https://docshare.wps.com/document/research-report/",{"item":52,"name":13,"@type":44,"position":53},"https://docshare.wps.com/document/trinidad-and-tobago-credit-unions-technical-note-may-2020/108883/",4,{"url":52,"name":13,"@type":55,"author":56,"headline":13,"publisher":58,"fileFormat":61,"inLanguage":24,"description":14,"dateModified":62,"datePublished":63,"encodingFormat":61,"isAccessibleForFree":64,"interactionStatistic":65},"DigitalDocument",{"name":9,"@type":57},"Person",{"url":42,"name":59,"@type":60},"DocShare","Organization","application/pdf","2026-07-30","2026-07-19",true,{"@type":66,"interactionType":67,"userInteractionCount":20},"InteractionCounter",{"@type":68},"ViewAction",{"@type":70,"mainEntity":71},"FAQPage",[72,78,82],{"name":73,"@type":74,"acceptedAnswer":75},"What are the key characteristics of the credit union sector in Trinidad and Tobago?","Question",{"text":76,"@type":77},"The CU sector is concentrated with 129 institutions and represents about 4.5% of total financial sector assets. It serves around 600,000 members, roughly 45% of the adult population, with two largest CUs holding 26% of total assets and about 40% of members.","Answer",{"name":79,"@type":74,"acceptedAnswer":80},"Why does Trinidad and Tobago have a large number of credit unions?",{"text":81,"@type":77},"The report suggests hypotheses including low entry barriers, inadequate prudential regulation and supervision, and delays in deregistering inactive CUs by the Commissioner of Co-operative Development. It also links weak reporting and compliance difficulties (including IFRS9) to limitations in accounting and IT systems and supervisory capacity.",{"name":83,"@type":74,"acceptedAnswer":84},"How are credit union lending activities structured and what limitations affect their services?",{"text":85,"@type":77},"CU loan portfolios are mainly concentrated in consumer loans structured as a multiplier of members’ shares, payroll deduction, and specific loan types such as car loans and mortgages. Legal and regulatory restrictions limit services like direct participation in automated clearing systems, issuance of credit cards, and transformation into a cooperative bank.","https://schema.org",{"og:url":52,"og:type":88,"og:title":13,"og:site_name":59,"og:description":14},"article",{"robots":90,"canonical":52},"index,follow",{"doc_id":7,"site_id":25},{"code":4,"msg":5,"data":93},[94,98,102,106,111,116,121,124,129,132,136],{"id":21,"doc_module":4,"doc_module_name":47,"category_name":95,"show_sort_weight":96,"slug":97},"Story & Novel",90,"story-novel",{"id":48,"doc_module":4,"doc_module_name":47,"category_name":99,"show_sort_weight":100,"slug":101},"Literature",80,"literature",{"id":53,"doc_module":4,"doc_module_name":47,"category_name":103,"show_sort_weight":104,"slug":105},"Exam",70,"exam",{"id":107,"doc_module":4,"doc_module_name":47,"category_name":108,"show_sort_weight":109,"slug":110},5,"Comic",60,"comic",{"id":112,"doc_module":4,"doc_module_name":47,"category_name":113,"show_sort_weight":114,"slug":115},6,"Technology",50,"technology",{"id":117,"doc_module":4,"doc_module_name":47,"category_name":118,"show_sort_weight":119,"slug":120},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":47,"category_name":12,"show_sort_weight":122,"slug":123},30,"research-report",{"id":125,"doc_module":4,"doc_module_name":47,"category_name":126,"show_sort_weight":127,"slug":128},9,"Religion & Spirituality",20,"religion-spirituality",{"id":127,"doc_module":4,"doc_module_name":47,"category_name":130,"show_sort_weight":127,"slug":131},"World Cup","world-cup",{"id":133,"doc_module":4,"doc_module_name":47,"category_name":134,"show_sort_weight":133,"slug":135},10,"Lifestyle","lifestyle",{"id":137,"doc_module":4,"doc_module_name":47,"category_name":138,"show_sort_weight":107,"slug":139},19,"General","general"]