The Bank of Jamaica (BOJ) said Tuesday that it views the credit union sector as differing significantly from other deposit-taking institutions currently under its supervision, and will not impose a one-size-fits-all set of regulations on the discrete group.
The BOJ has been designing a regulatory regime for the unions since 1999.
Within that time, the central bank has engineered several modernising changes for other deposit takers, including the restructuring of financial conglomerates and, more recently, draft legislation that seeks to synchronise and improve supervision of commercial and merchant banks as well as building societies.
The omnibus banking bill is now said to be due for passage in Parliament soon, having missed its March 2014 deadline.
Published in The Gleaner
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