ABACUS - Australian Mutuals

The Media Centre features media releases from Abacus - Australian Mutuals. Abacus represents all Australian credit unions and mutual building societies, 150 institutitons with more than four and a half million members nationwide.

Abacus is the industry body for the mutual banking sector formed by a joint venture between the Credit Union Industry Association (CUIA, part of Cuscal Limited), the National Credit Union Association (NCUA) and the Australian Association of Permanent Building Societies (AAPBS).

We represent our industry on issues including:

• Red tape - Abacus is opposed to expansion of regulation without proportionate benefits for members. Credit unions and building societies operate under high regulatory standards.
• Member Registers - Abacus fought for new laws to protect the valuable details on a mutual's member register, and to protect members’ interests in takeovers and demutualisations.
• Anti-Money Laundering - Abacus sits on Ministerial and industry groups on AML. New draft laws could impact on privacy and have high costs. Abacus supports proportionate laws that promote a robust system while recognising that the vast majority of consumers are not money launderers.
• Prudential issues - Abacus works on matters arising from the impact of the new Basel II capital accord to deposit insurance and APRA prudential supervision.
• Credit - Abacus aims to ensure reform of the laws covering consumer credit balance access to credit with protection and disclosure for consumers.
• Payments reform - Abacus is concerned about new RBA standards that may drive members to use credit rather than debit cards and participates actively in payments reforms debates.

Examples of submissions made on these subjects are available here.