Credit Unions and COVID-19 Regulators Perspective Nigel Stoddard FIUTT

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CIPRIANI COLLEGE OF LABOUR AND CO-OPERATIVE STUDIES WEBINAR CREDIT UNIONS AND COVID-19: THE RESPONSE OF REGIONAL REGULATORS by Nigel Stoddard (Director (Ag.) Financial Intelligence Unit) IMPACT OF COVID-19 ON THE AML/CFT REGIME AML/CFT Supervisory Authority:   Temporary suspension of onsite AML/CFT/PF examinations   Scale down of desk-based AML/CFT/PF examinations   TemporarysuspensionofEnforcementHearing   Temporarysuspensionofoutreachsessions(online awareness sessions)…

Credit Unions and COVID-19 Regulators Perspective David Moe CDD

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CO-OPERATIVE DEVELOPMENT DIVISION Operates under the Ministry of Labour and Small Enterprise Development   Headed by the Commissioner for Co-operative Development (Ms Andrea Mc Kenna – ActingCCD)   Authority derives from Co-operative Societies Act Chapter 81:03 (1971)   Approximately 50 Co-operative Officers and 50 Support Staff comprise the staff of the Division   Responsible for the Supervision…

Credit Unions and COVID-19 Regulators Perspective Claudius Lestrade FSU

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FINANCIAL SERVICES UNIT DOMINICA Impact on members: Reduced or zero earnings Live off savings Savings may be low and further offset by health costs Inability to make loan payments Impact on credit union: Increased non-performing loans Reduced loan interest income Increase in loan loss provisioning Reduction in capital position Liquidity issues (Savings withdrawals) • Negative impact on growth…