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The credit union movement in Barbados mushroomed in the 1980's and is now so large that it is a major player in the financial sector. This paper addresses the question of whether credit unions should be regulated by the Central Bank or remain under their current regulatory body given their origins and primary purpose. The research is based in part on actual interviews conducted with members of the credit movement and officials of the Registrar of Cooperatives. It covers the development of credit unions and indicates the need for regulation of the unions.