Credit Union Annual Report 2022 - Flipbook - Page 5
INTRODUCTION
The Cayman Islands Civil Service Association
(CICSA) Co-operative Credit Union Limited (the
"Credit Union") was incorporated in the Cayman
Islands in 1976 under the provisions of the
Cooperative Societies Law and operates as a
non-profit organization receiving savings and
making loans to members.
The Credit Union was formed by seven civil servants
who were members of the Cayman Islands Civil
Service Association (CICSA). The seven founding
members, Mr. Gilbert McLean, Mr. Louis Moncrieffe
(deceased), Mr. John (Lemuel) Hurlston, Mr. Colford
Scott, Mr. Ray Miller (deceased), Ms. Rachael
Ebanks, and Mr. George McCarthy assisted by the
“Matron” of the Credit Union, Mrs. Cicely Delapenha
(deceased), started with $35 ($5 each); their vision,
46 years later with over 17,500 members and assets
in excess of $510M, is still shared today.
The Credit Union is governed by the Cooperative
Societies Law (Revision 2020) as well as a set of
Rules approved by members at general meetings.
Our governance structure is strengthened internally
by:
The role and functions of an elected Board
of Directors;
The role and functions of an elected Credit
and Supervisory Committee; and
The control functions performed by an
Internal Auditor and a Chief Risk &
Compliance Officer.
Governance of our Credit Union is further enhanced
by:
Annual external audits;
Regulation by the Cayman
Monetary Authority (CIMA);
02
Islands
An Entity Risk Management Framework and
other policies and procedures.
Our Credit Union forms part of the global credit
union organization with membership in the
Caribbean Confederation of Credit Unions (CCCU),
which in turn is a member of the World Council of
Credit Unions (WOCCU). As such we endeavour to
uphold the Co-operative principles of:
Voluntary membership;
Democratic member control;
Member economic participation;
Autonomy and independence;
Financial education, training,
information;
Cooperation among Co-operatives;
and
Concern for the Community.
As a financial institution primarily funded through
member deposits, the Credit Union remains very
aware that depositors rely on dividends to live and
save for the future. However, borrowers are equally
faced with the pressure of trying to create security
for their families through residential or personal
borrowing.
As
a
member-owned
and
community-focused organisation, the Credit Union
tries to meet both sets of demands from borrowers
and depositors with equal focus.
Credit Union ANNUAL REPORT 2022
