While credit unions offer a different kind of banking, focused on the needs of their members and their community, they are subject to the same rules, regulations and legal standards as the big banks.
Credit unions are 'authorised deposit taking institutions' regulated under the Banking Act 1959 by the Australian Prudential Regulation Authority (APRA), and the Corporations Act 2001, by the Australian Securities and Investment Commission (ASIC).
Credit unions hold Australian Financial Services Licences, administered by ASIC, and are regulated under the Corporations Act, meeting all relevant Australian company law requirements and obligations.
We comply with the same credit, fair-trading and conduct laws and rules imposed by states, territories and the Federal Government on banks.
In addition, we have our own binding Credit Union Code of Practice, which you can read more about here.
Credit unions are safe and secure.