The growth of  BIS central bankers’ speeches  1  credit union membership is a phenomenon that may be observed not only in Barbados but in the US, Canada and many other countries. The establishment of our Financial Services Commission in 2011 was an important milestone in the ongoing strengthening of credit unionism in Barbados.
The FSC is the new regulator of credit unions and all financial institutions other than banks, finance companies and trust companies. The FSC oversees credit unions to ensure that their operations are satisfactory, and that they are lending prudently. All credit unions report regularly to the FSC, which also carries out physical inspections from time to time.