THE JAMAICA CO-OPERATIVE CREDIT UNION LEAGUE. The Trade Association

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1 THE JAMAICA CO-OPERATIVE CREDIT UNION LEAGUE The Trade Association The Jamaica Co-operative Credit Union League Limited (JCCUL) is the trade association for the Credit Unions of Jamaica. It is located at 2A Manhattan Road, Kingston 5. With assets in excess of $10 billion and a staff complement of approximately 31 employees, the League s membership at the end of August 2013 stood at 38 credit unions. While the League provides Trade association services to credit unions, it has oversight responsibility for the JCCUL Group which comprises four subsidiary organisations that provide a range of services to credit unions and members, in some instances. This came about with the transformation of JCCUL on January 1, 2013.

2 Governance The League s structure includes: a Board of Directors, which hires a Chief Executive Officer who sees to the day-to-day operations of the organisation and a 5-member Supervisory Committee., which is responsible for ensuring the League s compliance with policies and procedures and the effectiveness of controls at all levels of the organization. An annual general meeting is held the third week of May each year and is attended by delegates from member credit unions as well as observers. Delegates vote on policies that affect the operations of JCCUL. Special general meetings, which are decision meetings are held with credit unions, as necessary. Trade Association Activities The Trade Association functions of the League reflect those activities that will foster the right environment within which credit unions will prosper. These are as follows: Promotion of the ideals of credit unionism among the population i.e. the democratic Ensuring that enabling legislation is in place. Encouraging and promoting the highest standards of co-operation, management and business among credit unions. Promoting contact and co-operation among credit union/co-operatives and credit union/co-operative bodies, nationally and internationally. Establishing relationships that bring business opportunities to Credit Unions which enhance their operations Relating to Governmental Bodies to ensure that Credit Union information is accounted for in national reporting and development. Providing Co-operative marketing, Communication, and Research functions

3 Stabilization Unit JCCUL operates a stabilisation unit that is responsible for maintaining the stability of the Movement by identifying, assessing, monitoring and managing the Movement s risks. The main mission of the Stabilisation Unit is to minimize its exposure and ensure regulatory compliance. The Stabilisation unit ensures: Policy and procedural development Risk Management Analyses Financial Ratio Analyses (PEARLS Ratios) and Liquidity Reserve Compliance Offsite monitoring and providing assistance to remedy operational deficiencies through training and other methodologies. Assessment of BOJ (CU) Regulations readiness i.e. GAP analysis, assessment and resolutions On site monitoring of Credit Unions through risk assessment TRANSFORMATION The 70- year- old organization that has served and supported the island s dynamic Credit Union Movement became, in the year 2013, a group of entities. Effective that day it officially transformed its operations into a fund management company, a shared services company, an Information Technology Co-operative and an associated general insurance agency. The transformation and repositioning of JCCUL and the reshaping of the Credit Union Movement has the main objectives of helping Credit Unions to meet and overcome various economic challenges, reduce pressures brought about by high operating costs, prepare for a new regulatory environment and to keep pace with more modernized and convenient services, in answer to the needs of their members. The new business model, which emerged from the transformation, is a network of subsidiaries driven by economic realities and a need to remain relevant to credit unions.

4 THE JCCUL GROUP The Group now consists of the JCCUL, (Trade Association), the Credit Union Fund Management Company (CUFMC), the Centralized Strategic Services Company Limited, (CSS), Quality Network Co-operative (QNET) and the associated company, the Jamaica Co-operatives Insurance Agency (JCIA). Credit Union Fund Management Company (CUFMC) The CUFMC is a subsidiary of JCCUL and it operates under license from the Financial Services Commission (FSC). It provides a wide array of financial services to Credit Unions. It is the facilitator of financial services to credit unions and is focused on meeting fundamental and other growth needs, including: Loans (for credit union infrastructure and on-lending), including mortgage and small Business loans, investment and securities, repos and foreign exchange accounts. CENTRALIZED STRATEGIC SERVICES (CSS) The Centralized Strategic Services Company (CSS) is a limited liability company that was established in 2011 to provide shared professional services to Credit Unions and other organizations. The CSS provides shared services through partnerships and collaborations with other partners. These services include risk and project management, marketing and events planning, as well as enterprise-wide services such as delinquency collections management. The Company also markets a range of products and services in collaboration with its strategic partners, co-operatives and other corporate clients. This division is charged with advancing the growth and development of the Credit Union Movement through the promotion of shared services and strategic partnerships services. Jamaica Co-operatives Insurance Agency Jamaica Co-operative Insurance Agency (JCIA) is a co-operative associated with the Jamaica Co-operative Credit Union League. It is the general insurance arm of the co-operative Movement and it provides insurance

5 coverage for properties, motor vehicles and personal accident. JCIA operates as a broker for several insurance companies by offering services to credit union members and members of other co-operatives. Quality Network Co-operative (QNET) Quality Network Co-operative (QNET) manages the Movement s debit card services including the JETS MultiLink Network thus facilitating debit card transactions including ABM and point of sale transactions. It also provides an IT platform for members transactions for participating credit unions. MISSION & VISION STATEMENTS VISION STATEMENT The Vision of the Jamaica Co-operative Credit Union League Limited is to be the Principal facilitator and enabler of the growth and development of Credit Unions to become the primary financial institution for their members. MISSION STATEMENT The Mission of the Jamaica Co-operative Credit Union League Limited is to provide the highest quality representation and services to our members. These include Representation at the level of the: I. Ministry of Finance and the Bank of Jamaica II. Department of Co-operatives & Friendly Societies III. World Council of Credit Unions (WOCCU) IV. Caribbean Confederation of Credit Unions (CCCU) V. National Union of Cooperative Societies (NUCS) VI. Private Sector Organisation of Jamaica

6 JCCUL is also responsible for the: Jamaica Credit Union Pension Fund Collating Movement-wide data and information that is sent to Government Agencies such as STATIN, PIOJ, BOJ, JDIC etc., Department of Co-operatives and Friendly Societies Lobbying Co-operative branding providing business support to Credit Unions Market Research Sale of credit union stationery JCCUL AFFILIATES National Union of Co-operative Societies (NUCS) - Umbrella Organization for financial and non-financial co-operatives in Jamaica. Caribbean Confederation of Credit Unions - CCCU World Council of Credit Unions - WOCCU Updated September 2013