History of JCCUL

The Jamaica Co-operative Credit Union League (JCCUL), a co-operative central body embracing all the credit unions in the island was founded in 1942. The League was a voluntary association which was democratically controlled and financed by its member credit unions.

With the establishing of this League headed by Father John Peter Sullivan, the Movement now had an organization whose objectives included:

• Representing its members by lobbying the Government about issues such as legislation
• Conducting central business services
• Receiving deposits from Credit Unions and other Co-operative Societies
• Making loans to its member credit unions
• Undertaking investments for its member credit unions
• Organising new credit unions

Member societies paid fees of ten cents (10c) per annum per individual member to access the League’s services.

In March, 1949 the League established the “deposit and loan section” which required that credit unions deposit sums equal to their statutory reserves. These credit unions could obtain loans at the rate of 5% per annum to meet their own lending demands. Later individual members of credit unions were granted loans on the recommendations of their Credit Unions at the rate of 6% per annum.

The History of JCCUL