ABACUS - Australian Mutuals

Abacus - Australian Mutuals (the Association of Building Societies and Credit Unions) is the industry body for 162 credit unions, mutual building societies and friendly societies.

In 2006, Abacus was formed as a joint venture between the Credit Union Industry Association (CUIA, a division of Cuscal Limited), the Australian Association of Permanent Building Societies (AAPBS) and the National Credit Union Association (NCUA).

On 31 July 2008, the members of the Australian Friendly Societies Association agreed to access their industry association services through Abacus.

As a result, Abacus now brings together the shared values and professional approach of credit unions, mutual building societies and friendly societies to deliver a strong and clear single voice for Australian mutuals.

Abacus' 162 members represent all Australian credit unions and mutual building societies and a diverse range of friendly socieities. With more than 6 million members (customers) across the country and over $70bn in combined assets, we are a strong force in Australian banking and financial services.

Abacus promotes the profile and role of the mutual financial services sector and represents the interests of our members to:

• federal and state governments,
• regulators, such as the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investment Commission (ASIC),
• industry and consumer groups,
• the media, and
• the general public and other stakeholders.

Abacus also provides its member institutions with expert advice and support services, including specialist teams dealing with:

• Compliance Services - offering training, compliance and legal advice to members,
• Research & Advisory Services - ranging from comprehensive market analysis and marketing support, to fraud prevention and capital and strategic planning services, and
• Public Affairs - overseeing representation, input to reforms and policy, and liaison with media and other stakeholders.

Abacus maintains a database of topical issues and fact sheets, and a register of submissions the industry organisation has made to government and regulatory forums.

Our public affairs team provides information to members and direct to the media.

>> Find out more about Credit Unions, Building Societies and Friendly Societies.