The Co-operative Department that regulates Credit Unions is established and the Co-operative Societies Act is passed. Under the Act, Credit Unions begin to enjoy tax concessions and stamp duty exceptions.
There is large-scale establishment of parish credit unions through the amalgamation of smaller Credit Unions, thereby bringing about large Credit Unions in each parish.
Jamaica is the first country outside of the USA to offer CUNA International Incorporated’s insurance products.
By the end of the 1970s there are 96 Credit Unions with membership totaling 171,000 and savings of J$114,688,669.00.