General News · 5th June 2014
On May 22nd, I wrote about the tri-island's request to the Financial Institutions Commission to mediate the dispute between the CCCU members who signed the member requisition and the Coastal Community Credit Union.
The CCCU has denied this request - see letter attached below.
Further to that denial, representatives of the member requisitioners yesterday submitted the written argument for the full appeal with the Financial Institutions Commission (FICOM). See attached below.
The more the role of FICOM vs Credit Unions was researched, the more it appeared that there has been an ongoing tension between the two. FICOM has been trying to promote the rights of members (as the 'owners' of the Credit Union), while the Credit Union 'industry' (Boards and CEOs) have been pushing back.
This suggests that the appeal may be very timely, and highlight this disconnect. At this time we will hold off preparing a second requisition until FICOM rules on the appeal, which may well occur in June, in time to have the July Special Meeting.
If you are keen for more juicy reading, let me know and I can send you background info.