ABACUS - Australian Mutuals

Darwin-based Traditional Credit Union (TCU) has won two categories at the national Diversity@Work Awards presented last night in Melbourne by Sir Bob Geldof.

Credit unions and mutual building societies are expanding their branch network and are well positioned to fill the gap left by big banks swallowing up regional banks such as St George and BankWest.

Building societies and credit unions produced a "strong" profit result in 2007-08, according to KPMG's annual survey.

Customers unhappy with the big banks are being urged to take advantage of new Government rules to help them move banking institutions and experience a real competitive alternative: member-owned banking.

Consumers will be winners from new account switching arrangements applying across the retail banking sector from tomorrow.

Credit unions and mutual building societies have welcomed the move by the Government today to continue its guarantee of credit union, bank and building society retail deposits.

Tomorrow, Monday October 20th, the Treasurer of the Northern Territory, the Hon Delia Lawrie MLA, will officially open the 2008 Abacus Convention in Darwin and welcome almost 1000 delegates from Australia’s credit unions, mutual building societies and friendly societies to Darwin.

Independent research commissioned by credit unions and mutual building societies makes a powerful case to ease the taxation of interest earnings on deposits.

Credit unions and mutual building societies welcome the introduction today of legislation to implement the Government’s 100 per cent guarantee of all deposits in credit unions, building societies and banks.

Credit Unions all over the world will celebrate International Credit Union Day tomorrow, on October 16th. Worldwide Credit Union membership has grown to 177 million along with asset growth of 8.2% over the previous year, to over US$1.2 trillion.

Credit unions and mutual building societies welcomed today’s decision by the Government to guarantee deposits with all of Australia’s credit unions, banks and building societies.

Abacus – Australian Mutuals congratulates Railways Credit Union on its achievement as Queensland winner in the Customer Service Institute of Australia’s Service Excellence Awards for 2008.

Australia’s mutual banking sector, which collectively serves more than 4.5 million members nation-wide, has today welcomed the RBA’s move to reduce interest rates by 1%.

Credit unions and mutual building societies have welcomed the Federal Government’s move to take control of credit regulation, including cracking down on predatory lending.

Credit unions and building societies are strong and stable banking institutions and a safe haven from international market upheaval, said Abacus, the industry body for mutuals today.

The financial strength and stability of credit unions and building societies is demonstrated in the Reserve Bank’s latest Financial Stability Review.

Australia’s credit unions continue to lead the way on lower home loan interest rates, according to Abacus, the national industry body for credit unions, mutual building societies and friendly societies.

Australia’s credit unions and mutual building societies look set to deliver even better deals to borrowers after today’s RBA rate reduction.

Abacus – Australian Mutuals warmly congratulates Traditional Credit Union (TCU) for winning a prestigious Indigenous Governance Award.

Australian’s only Aboriginal-owned banking institution, Traditional Credit Union (TCU), has won the 2008 Reconciliation Australia Indigenous Governance Award for an organisation established for more than 10 years.

Australian mutual financial institutions, who between them serve over six million members nation-wide, have expanded their single industry “voice” through a larger industry body.

Credit unions and mutual building societies welcomed the recommendation for today of the Australian Law Reform Commission (ALRC) to expand the credit reporting information that can be held by credit reporting agencies as "a good start".

Abacus congratulates credit unions and mutual building societies who are winners and finalists in the 2008 Money Magazine Consumer Finance Awards and 2008 Australian Banking and Finance Magazine Awards.

Credit unions and mutual building societies welcome the agreement reached by the Council of Australian Governments (COAG) to transfer the regulation of all consumer credit to the Federal Government.

Credit unions and mutual building societies welcome the release today of the Government’s Green Paper on Financial Services and Credit Reform but urge the Government to consider moving all credit products to the Federal jurisdiction.

Credit unions and mutual building societies look forward to engaging with the Government on establishing a Financial Claims Scheme (FCS) even though the scheme may never be used.

Abacus – Australian Mutuals congratulates Victorian-based credit union, mecu, on winning the ‘Best New Entrant’ award in the 5th Australian New Zealand Corporate Responsibility Index (CRI).

The Reserve Bank of Australia has missed an opportunity to protect shoppers from price gouging by merchants imposing surcharges on card transactions, according to the credit union and building society industry body Abacus – Australian Mutuals.

Credit unions and mutual building societies have had their status as fair and responsible market players confirmed by ASIC’s Review of Mortgage Entry and Exit Fees, released recently by the Treasurer Wayne Swan.

Credit unions and mutual building societies have become even more important to competition in the home loan market due to the decline of mortgage originators, a Federal Parliamentary Inquiry heard today.

The Reserve Bank’s announcement of an interest rate rise of 0.25% will place more families under financial pressure and credit unions and building societies urge all lenders to deal responsibly and fairly with their customers.

International criminals are targeting trusting people from small communities and scamming hundreds of thousands of dollars each month.

Traditional Credit Union (TCU) is seeking partners to boost its capacity to provide banking services and promote financial literacy in remote Aboriginal communities across the Top End.

Credit unions and mutual building societies support practical measures to promote competition in the retail banking market by making it easier for customers to switch accounts.

Credit unions and building societies say improvements to the Government’s planned First Home Saver Accounts are good news for young workers.

Australia’s customer-owned banking sector is urging the Government to ensure its promised First Home Saver Accounts are attractive for young people and lower income earners.