Green light for motion for CBCS to vet, create banking protection law

   Green light for motion for CBCS to  vet, create banking protection law

UP MP Rolando Brison


PHILIPSBURG--A motion directing Finance Minister Ardwell Irion, as shareholder representative of the Central Bank of Curaçao and St. Maarten (CBCS), to request that CBCS prioritise the vetting and/or creation of consumer banking protection laws for St. Maarten was passed by Parliament on Monday evening.

  Thirteen MPs voted in support of the motion while independent MP Christophe Emmanuel and Party For Progress (PFP) MP Raeyhon Peterson voted against. 

  The motion, tabled by United People’s (UP) party MP Rolando Brison, also seeks to have CBCS submit a draft within 90 days of receipt of the request.

  The motion states that banks and their policies have become increasingly cumbersome for banking consumers. It points to the then-CBCS President who in a May 7, 2020, letter said none of St. Maarten's legislation sufficiently provides the right to have a basic bank account opened in a fair amount of time. It also does not specify the rules by which the banking relationship can be terminated or rules for publication, transparency and limitations related to bank charges.

  The considerations also state that legislation geared towards addressing these legislative deficiencies, could help hold banks to a specific standard and solve major issues. Such legislation would require vetting by the Central Bank to ensure its proper ratification and implementation.

  The motion was one of nine passed by Parliament along with the country's national budget and two amendments on Monday evening.

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