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ECCB Moves Closer to Regulating Bank Fees Across Currency Union
The Eastern Caribbean Central Bank (ECCB) is taking a major step toward gaining the power to regulate fees imposed by commercial banks within the region.
A harmonised banking amendment bill—central to the effort—has now been passed in both Antigua and Barbuda and St Vincent and the Grenadines.
Governor Timothy Antoine confirmed that the next phase will involve setting up an Office of Financial Conduct and Inclusion. This new body will focus on strengthening consumer protection and ensuring fair practices in the banking sector.
Amendments to the Banking Act are also underway in other member states.
Once adopted, these changes would give the ECCB authority not only to approve or reject bank fees but also to handle consumer complaints regarding specific financial transactions.
Officials believe the reforms will promote greater transparency and accountability within the region’s financial system, helping to build public trust.
The ECCB continues to work closely with its member countries to implement the new measures, which are expected to bring long-term benefits for consumers across the Eastern Caribbean.
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I think this is a very bad idea. In what other private industry does the governing body has the authority to dictate how much the business charges for their service. The Eastern Caribbean Banker Association and the Caribbean Association of Banks needs to fight this with every dollar they have. It is complete opposite of a free market economy.