• 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 of all Co-operative Societies (Credit Unions, Non-Financial Co-operatives, Junior Co-operatives and Secondary Bodies)


  • Total assets represent 4.5 percent of the total financial sector.
  • 600,000 member accounts (45 percent of the adult population).
  • 2 Largest credit unions account for 26 % of total assets & 40 % of member accounts.
  • 5 Largest CUs account for 47 and 50 % of total assets and members respectively.
  • 13 CUs with TTD 300 + million in assets, representing 69 % of total assets of the sector,
  • 55 CUs with assets below TTD 10 million and total assets of just 1 % of the sector.


  • The response of the CDD to COVID-19 is to facilitate the smooth operation of Co- operative Societies despite the restrictions.
  • Flexibility and a rapid response to the ever-changing financial landscape is imperative to support Credit Unions which were classified as essential businesses in Trinidad and Tobago during the COVID-19 Pandemic.
  • Financial resilience becomes an impossibility without flexibility of standards, and clear regulatory approval of such flexibility. Accounting standards, capital and liquidity, IT requirements and Governance have all been affected by the crisis.


  • The postponement of Annual General Meetings from negatively impacts:
  • o Acceptance of the budget for the current financial year;
  • o Distribution of a surplus from the previous year and payment of Dividends;
  • o Approval of Maximum Liability of the Society;
  • o Approval or variation of the quantum of Honorarium recommended by the Board;
  • o Appointment of an Auditor for the present term from the list of auditors approved by the Commissioner.
  • o Election of officers to the Board of Directors and others Statutory Committees

Recommended Amendments to the CSA:

In light of the statutory requirement to hold AGMs within 3 months of the close of the financial year (CSA Regulations 18 (1) and 48 (1)), we recommended that the Regulations be amended to extend this period by a further 3 months in the first instance. This recommendation is being considered, and once approved will ensure that societies can continue to operate in accordance with the CSA.

Recommended Guidelines to Societies:

The acceptance of the budget for the current financial year.

  • Societies were advised that in the interim, the Board can make the necessary budgetary arrangements, in keeping with their Statutory mandate as outlined in CSA Regulation 25, and their respective Bye Laws

Recommended Guidelines to Societies:

The allocation of a surplus from the previous year and payment of Dividends

  • Dividends cannot be paid without the specific approval of the AGM.
  • In these special circumstances only, CCD will consider for approval, a recommendation from the BoD of an Interim payment to members of up to 75% of the recommended Dividend.■ AuditedFinancialStatementsandcompletedAnnualReturnsrequired.

Recommended Guidelines to Societies:

The approval or variation of the quantum of honorarium recommended by the Board

  • Honoraria cannot be paid without the approval of the AGM.
  • In these special circumstances only, CCD will consider for approval, a recommendation from the Board of an Interim payment to Officers of up to 50% of the recommended Honorarium.
  • AuditedFinancialStatementsandcompletedAnnualReturnsrequired

VIRTUAL MEETINGS Board of Directors and Statutory Meetings:

  • Can be held once a quorum is established and all officers have access to a computer or electronic device with seamless online virtual meeting capabilities.
  • Policies governing the operations of these meetings must be established by the Board and ratified by the AGM in due course.

VIRTUAL MEETINGS General Meetings:

  • So far, no Virtual AGMs have been held
  • The CCD has received written notification of the intent to hold Virtual AGMs from 2 Societies
  • Discussions regarding the logistics are to be held shortly.
  • The CCD is open to the idea, but must be satisfied that all members who wish to, can exercise their right to participate and vote freely, and that the integrity of the process can be guaranteed


The GORTT signed an MOU with these Secondary Bodies:

  •   Co-operative Credit Union League of Trinidad and Tobago (CCCULTT) and
  •   Central Finance Facility Co-operative Society Ltd. (CFF).
  •   GORTT to provide over $TT120 million to:
  •   Increase availability of liquidity for CUs
  •   Loans to members at 0.5 % per month on the reducing balance;


  • Notwithstanding the need for Regulatory Flexibility the credit unions are resilient and remain open to provide essential services to members while adhering to the guidelines of WHO and GORTT.
  • The development of a Occupational and Safety Health Policy for Office Management and Supervision of Co-operatives.■ As the Regulator, the CDD is cognizant of the new reality of the supervision of co- operatives, and anticipates the risk of higher expected credit losses due to relief measures implemented to respond to the adverse economic impact of COVID-19, such as deferral of loan payments, waiver of penalties and charges, and other flexible payment options or payment.
  • The specificity on whether interest will continue to accrue, whether missed payments can be capitalized or need to be forgiven, would be addressed and the impact and the treatment of IFRS 9 would be determined.


The Economic Recovery Plan of the CDD also includes:

  • o The receipt and analysis of Annual Audited Financial Statements for year ended December 31, 2019 and Annual Returns for 2018 and 2019 by Co-operatives;
  • o The receipt and analysis of Monthly Management Accounts;
  • o The robust conduct of Inspections with emphasis on the Loan Portfolio;
  • o Ensuring compliance with Section 50 (a) and (b) of Co-operative Societies Act 81:03 to set aside twenty per cent of net surplus for co-operative or charitable purpose in anticipation of the constraints of the payment of dividends, bonuses and rebate on interest; and
  • o Non-financial co-operatives Investment by credit unions through pairing to encourage cluster development and diversification.


  • The filling of vacant positions of Co-operative Officers and Business Development Officers on the Establishment ;
  • Networking with other Government Ministries, for example,
    • –  Ministry of Education to develop an Information Communications Technology to modernise the manual accounting system of JCS making it more attractive to Teacher Guides and students. This would encourage a culture of savings, leadership, entrepreneurship and succession planning,
    • –  Ministry of Agriculture, Land and Fisheries to expand Agricultural and Fishing Co-operatives in various Districts to provide different services such as Agro Shops, Equipment and Marketing.


  • Establishment of Dispute Tribunal to Hear and Determine existing and anticipated matters due to COVID 19 or immediate relief through the approval of Cabinet to allow for the delegation by the Commissioner of this function to other Co-operative Officers ;
  • The Liquidation Process to be streamlined and the mechanisms for obtaining from the court “Cease and Desist Orders “ to safeguard member’s funds;
  • That the GORTT would facilitate the growth of the Credit Union Movement through the re-introduction of Tax Reliefs on shares and mortgage interest.


    • – The Co-operative Movement is one of resilience and determination to thrive under adverse circumstances through solidarity and upholding the co-operative values and principles. The COVID-19 pandemic charts a new reality for operations. Mergers and Amalgamations are foreseen and the CDD as Regulator requires government support as guided by ILO Recommendation 193 to which the GoRTT ascribes.
    • – There is immediate need for the approval of the National Policy on Co- operatives, revision of the Legislation, the creation of the Deposit Insurance and Liquidity Financing as well as Institutional Strengthening and Capacity- building of the Regulator’s Office.

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