New Year Message 2026: From Credit Union League
Protecting members while preparing for tomorrow
As we bring 2025 to a close, I extend warm greetings to Barbadians at home and abroad, and especially to the thousands of citizens who place their trust, savings, and future aspirations in our credit unions.
This season provides an important opportunity not only to reflect on the year past, but to reaffirm the Credit Union League’s clear and unwavering commitment to protecting the interests of members as our sector adapts to a changing financial landscape.
The past year has been one of steady progress and meaningful transition. Barbados’ credit union sector has remained financially resilient, recording continued growth in membership, savings, loans, and assets. In an environment marked by economic uncertainty and regulatory change, this performance speaks to the strength of cooperative values, prudent management, and the confidence members continue to have in their institutions.
At the League level, our focus throughout 2025 was deliberate and member-centred. We strengthened advocacy, deepened engagement with regulators, expanded training and technical support, and worked closely with affiliates to help them operate confidently within an increasingly complex regulatory and risk environment.
Central to all our efforts was a simple principle: that any change affecting the sector must ultimately serve and protect credit union members.
A defining feature of the latter part of the year was preparation for a major system change that will shape the future of the movement, through the introduction of deposit insurance.
The decade long period of lobbying has borne fruit. The transformative development is imminent. Deposit insurance will level the playing field for working class and middle-income credit union savers. It will also influence governance expectations, operational readiness, and public confidence across the sector.
While more work still has to be done, the goal is clear. The League has remained actively engaged with the Financial Services Commission (FSC) and the Barbados Deposit Insurance Corporation (BDIC) to ensure that implementation is proportionate and aligned with cooperative values. Our role is to advocate firmly for frameworks that promote safety and stability, while preserving this worthy and proven member-owned model that has served Barbadians so well for generations.
Beyond deposit insurance, the sector made progress in several critical areas. Credit unions continued to invest in training and capacity building for boards, management, and staff.
Sector-wide work around technology modernization, cyber security, IT risk management, and stronger governance practices. Importantly, our advocacy brought tangible outcomes, including the expansion of the Exemption Regime to allow broader investment options for credit unions.
At the same time, we ensured that the voice of our credit union movement was represented at national, regional, and international levels.
As we look ahead to 2026, it is clear that this will be a year of consolidation, preparation, and important decision-making. Boards will be required to think strategically about sustainability, scale, and readiness for a more demanding regulatory and operational environment. The League’s responsibility will be to support affiliates with clear information, practical guidance, targeted training, and strong, coordinated advocacy, and always with the interests of members at the forefront.
On behalf of the League’s Board of Directors, management and staff, I thank our credit union affiliates, volunteers, employees, and partners for their engagement and commitment to the movement.
I extend best wishes to you and your loved ones and indeed all Barbadians for the holiday season. May the period ahead offer time for rest, reflection, and renewed energy as we work together to build a safer and stronger credit union sector for Barbados.
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