SAVANNA-LA-MAR, Westmoreland — Member of Parliament for Eastern Westmoreland Luther Buchanan warns Government that further regulation of the Credit Union Movement may result in paralysing the union’s mandate to its members.

“I implore the Government to revisit its intentions to further regulate the Credit Union Movement, as this further regulation could cripple the union’s mandate and co-operative spirit,” Buchanan stated.

“Government must be cognisant of the historic traditions of co-operatives, as they lay a basis for community development, self-reliance and cohesion.”

Buchanan, who was speaking recently at the launch of the Westmoreland Credit Union Limited Foundation and dedication of a new building, however, acceded regulation of the movement is inevitable, but cautioned that the movement must not be controlled that traditions and the reality of personal service be suppressed.

Meanwhile, Government Senator Arthur Williams, minister of state in the Ministry of Finance, who was tasked with delivering the keynote address at the launch, argued that he took note of Buchanan’s concerns.

He assured the Westmoreland MP that he will have dialogue with the staff of the Ministry of Finance and the Public Service in order to ensure that those regulations will not negatively impact initiatives of credit unions in Jamaica.

“I have taken note of the remarks of the Member of Parliament for Eastern Westmoreland, Luther Buchanan, regarding the regulation of credit unions. I wish to assure him and to assure you that I have taken careful note of his comments and will have discussions with the staff of the Ministry of Finance and the Public Service in order to ensure that those regulations will not result in stifling the initiatives of credit unions in Jamaica,” Williams said.

In the meantime, according to head of the board of the Westmoreland Credit Union, Atherine Lee, the foundation will focus primarily on community development and investment in education. Plans are also afoot to award bursaries, grants and to provide other funding to assist members and their children with educational expenses.

Williams commended the credit union on the launching of its foundation.

“I take note of your plan to establish homework centres here at your head office and at your new home of the Grange Hill branch. I commend you — and the citizens of Westmoreland must commend you — on these initiatives. You are indeed a good corporate citizen of the parish,” Williams noted.