The Barbados Co-operative and Credit Union League Limited has firmly defended the upcoming Deposit Insurance Bill, asserting that it will provide essential protections for over 240,000 credit union members. The legislation, which has been in development for over a decade, aims to safeguard members’ deposits in the event of institutional failure. General Manager Tracia Pounder emphasized that the bill offers insurance coverage of up to $25,000 per member, ensuring financial security for savers. Despite the League’s strong endorsement, concerns have emerged from smaller credit unions, which argue that the new requirements could impose significant challenges. A board member from a smaller credit union, speaking anonymously, revealed that many institutions were caught off guard by the Financial Services Commission’s (FSC) communication of the pending legislation, leading to confusion and fear. These smaller entities, often operating on thin margins, face difficulties meeting the bill’s profitability and equity criteria. Pounder acknowledged these concerns but highlighted the FSC’s ongoing remediation efforts to assist credit unions in achieving compliance. She stressed that the bill is designed to protect members, not burden institutions. Following the League’s annual general meeting, President Kemar Cumberbatch described the bill as a milestone in ensuring parity with commercial banks’ deposit protections. He emphasized that the legislation aims to build trust and responsibility within the credit union sector, safeguarding members’ life savings. While the debate continues, the League remains committed to advocating for member protection and encouraging public awareness of deposit insurance benefits.