Credit Union ANNUAL REPORT 2021INTRODUCTIONThe Cayman Islands Civil Service Association (CICSA) Co-Eligibility for membership includes employees and theiroperative Credit Union Limited (the “Credit Union”) wasimmediate family members as well as pensioners of the:incorporated in the Cayman Islands in 1976 under the• The Credit Union;provisions of the Cooperative Societies Law and operates• The Cayman Islands Government;as a non-profit organisation receiving savings and makingloans to members.The Credit Union was formed by seven civil servants• Government owned entities; and• Utility companies operating in the Cayman Islands.who were members of the Cayman Islands Civil ServiceAs a financial institution primarily funded through memberAssociation (CICSA). The seven founding members, Mr.deposits, the Credit Union remains very aware thatGilbert McLean, Mr. Louis Moncrieffe, Mr. John (Lemuel)depositors rely on dividends to live and save for the future.Hurlston, Mr. Colford Scott, Mr. Ray Miller (deceased), Ms.However, borrowers are equally faced with the pressureRachael Ebanks, and Mr. George McCarthy, assisted byof trying to create security for their families throughthe “Matron” of the Credit Union, Mrs. Cicely Delapenharesidential or personal borrowing. As a member-owned(deceased), started with $35 ($5 each); their vision, 46 yearsand community-focused organisation, the Credit Unionlater with over 16,000 members and assets in excess oftries to meet both sets of demands from borrowers and$460M, is still shared today.depositors with equal focus.The Credit Union is governed by the Cooperative SocietiesLaw as well as a set of Rules approved by members atAnnual General Meetings (“AGM”).Our governance structure is strengthened internally by:• The role and functions of an elected Credit Committee;• The role and functions of an elected SupervisoryCommittee; and• The control functions performed by an Internal Auditorand a Chief Risk and Compliance Officer.Governance of our Credit Union is further enhanced by:• Annual external audits; and• Regulation by the Cayman Islands Monetary Authority(“CIMA”).Our Credit Union forms part of the global credit unionorganisationwithmembershipintheCaribbeanConfederation of Credit Unions (CCCU), which in turn is amember of the World Council of Credit Unions (WOCCU).As such, we endeavour to uphold the seven cooperativeprinciples of:• Voluntary membership;• Democratic member control;• Member economic participation;• Autonomy and independence;• Financial education, training, information;• Cooperation among cooperatives; and• Concern for the community.SEVENCOOPERATIVEPRINCIPLES1. Voluntary membership;2. Democratic membercontrol;3. Member economicparticipation;4. Autonomy andindependence;5. Financial education,training, information;6. Cooperation amongcooperatives; and7. Concern for thecommunity.3
It seems that your browser's pop-up blocker has prevented us from opening a new window/tab. Please click the button below to open the link manually.