HomeView 2007 Media Releases

2007 Media Release Archives

Bring on national regulation of consumer credit

12 December 2007

The Productivity Commission (PC) has today handed the new Federal Government and the States a welcome reform blueprint for consumer protection. Abacus has backed the PC’s call for a significant overhaul of Australia’s consumer policy framework, including the transfer of credit regulation to the Commonwealth.

Five stars for mutual Credit Cards

29 November 2007

Credit card products offered by credit unions and mutual building societies (mutual ADIs) are strong performers in the latest CANNEX Credit Card ratings, with many achieving five or four star ratings for “superior” or “exceptional” value.

Savings silver medal for mutual ADIs

22 November 2007

Official figures released by APRA show that customer-owned Authorised Deposit-taking Institutions (mutual ADIs) hold a bigger share of the household deposits market than three of the four major banks.

Credit unions win Consumer Award for financial literacy

16 November 2007

Australian credit unions have been recognised for their work promoting financial literacy in the community; which includes new online tools to promote better money management.

KPMG confirms credit unions and building societies as strong, responsible financial services providers

06 November 2007

This year’s KPMG Financial Institutions Performance Survey confirms that credit unions and building societies continue to enjoy strong performance and growth in the highly competitive financial services market, while maintaining a leading position as responsible lenders.

Public views sought on new Code of Practice for mutual financial institutions

01 November 2007

Abacus – Australian Mutuals is seeking public comment on a proposed new Code of Practice for Australia’s credit unions and mutual building societies.

As credit defaults increase so does the need for credit reporting reform - Abacus

30 October 2007

Rising credit defaults point to the case for a comprehensive credit reporting system.

Younger members attracted to credit unions

17 October 2007

More than a third (35%) of new credit union members across Australia are under the age of 25, with a further 10% of new members aged between 25-30, according to new industry statistics announced in the lead-up to International Credit Union Day.

Credit union and mutual building society members continue to benefit from mutual ownership

16 October 2007

As International Credit Union Day approaches (Thursday 18 October), new figures from CANNEX show that members of the 150 credit unions and mutual building societies across Australia are saving an average of $117 each year as a direct benefit of banking with organisations they own.

Credit Union, Building Society market leaders recognised

10 October 2007

Australia’s credit unions and mutual building societies today celebrated market leadership by the mutual banking sector in new ideas, sustainable futures and community ties.

Credit Unions and Mutual Building Societies Unite in Brisbane

08 October 2007

More than 800 leaders from credit unions and building societies around Australia are joining together in Brisbane this week in a show of unity and strength.

Credit unions and building societies support Parliamentary Committee calls to “stamp out” predatory lending

17 September 2007

Abacus has welcomed today’s call by the House of Representatives Economics Committee for changes to credit regulation and reforms to “stamp out” predatory lending practices.

Credit unions and mutual building societies well positioned to meet new AML identification requirements

14 September 2007

Australia’s 150 credit unions and mutual building societies are on track to meet legislative deadlines to finalise new customer ID processes by 12 December 2007.

Industry and Consumer Groups come together to fight against predatory lending

04 September 2007

Consumer groups and financial industry bodies have formed a new coalition to discuss mounting concerns about predatory lending.

Payments System Board recognises mutual ATM networks

31 August 2007

Abacus – Australian Mutuals has welcomed today’s announcement on ATMs by the Payments System Board that unambiguously recognises the important place of credit unions and mutual building societies in providing ATM services.

Credit unions support call for responsible, affordable lending

23 August 2007

Abacus – Australian Mutuals has welcomed work by the Victorian Government to respond to the needs of vulnerable and disadvantaged consumers.

New rules for mutual member registers

22 August 2007

New member register access rules for credit unions and mutual building societies recognise the significant value and sensitivity of a financial institution’s customer list, according to Abacus- Australian Mutuals.

Credit unions, mutual building societies and banks less exposed to wholesale market volatility

17 August 2007

Credit unions and mutual building societies do not have the same exposure to volatile wholesale markets as non-prudentially regulated lenders, Abacus – Australian Mutuals Chief Executive, Adrian Lovney said today.

Abacus Backs Calls For Crackdown On Predatory Lenders

10 August 2007

Abacus – Australian Mutuals supports action against predatory lenders and brokers who exploit people in financial difficulty.

Credit unions, building societies back EFTPOS scheme moves

02 August 2007

Abacus – Australian Mutuals says consumers are likely to benefit from moves to strengthen the EFTPOS debit card system.

Consumer Fees Campaign

20 June 2007

Abacus – Australian Mutuals says consumers unhappy with bank fees should consider joining a credit union or mutual building society.

ASIC decision overturned in Federal Court, new rules for mutual member registers on the way

05 June 2007

The Federal Court has overturned two of the purpose sought to be approved by ASIC for an outside party to obtain the names and addresses of members of a Queensland credit union.

Credit unions, building societies grow customer satisfaction

31 May 2007

Credit unions and building societies continue to shine in customer satisfaction, according to new market research released this week.

Better Bank Fee Disclosure Welcome

11 May 2007

Abacus – Australian Mutuals welcomes today’s announcement that banks will improve their disclosure of dishonour and late payment fees.

Credit Union Delivers for Indigenous Communities

17 April 2007

Abacus, the industry body for credit unions and building societies, congratulates Reconciliation Australia on driving support for the Reconciliation Action Plan initiative.

Abacus Unites Industry

11 April 2007

One voice for mutual banking sector: credit unions, mutual societies unite

True stories - real victims of fraud

04 March 2007

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

Daniel McDougall
Senior Adviser - Media
Ph: (02) 8299 9024
Mob: 0407 637 541

Mark Degotardi
Head of Public Affairs
Ph: (02) 8299 9053
Mob: 0419 998 201
Email Mark