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.
Traditional Credit Union, based in the Northern Territory, has been living these actions for over 12 years, living the principles of mutuality and reconciliation.
Traditional is an Aboriginal-run credit union that operates in the Northern Territory.
TCU has 11 branches in remote communities (Milingimbi, Galiwinku, Gapuwiyak, Ramingining, Maningrida, Wadeye, Gunbalanya, Warruwi, Ngukurr, Minyerri and Numbulwar) and a Head Office in Casuarina and aims to grow even further.
Traditional is committed to local employment and training in its operations. This means they employ locally and deliver their services locally. The vast majority – over 80% - of Traditional’s staff is Indigenous and in its remote locations all employees are from
the Indigenous communities in which the credit union operates.
Like other mutual financial institutions, Traditional is committed to supporting its members as well as the communities in which it operates. Traditional Credit Union provides financial literacy programs – with the support of the ANZ Banking Group – as
well as culturally sensitive savings, budgeting and credit services to its members.
Traditional Credit Union is a direct result of action by the Indigenous community to deliver financial services to local communities. The credit union model provided Traditional with a way to deliver services that places t members’ interests first. As a
mutual, Traditional returns its profits to members through its operation. As a credit union, Traditional also meets extensive regulatory obligations under the Banking Act including all relevant banking and financial services laws.
Traditional, Abacus, the Credit Union Foundation of Australia (CUFA) and other industry representatives are members of Reconciliation Australia’s Indigenous Banking Reference Group and are committed to partnering with local communities, with
Government and with each other to improve access to and an understanding of banking and financial services. CUFA will be including a Reconciliation Action Plan as part of its sustainability report in the current financial year.
Notes:
Traditional Credit Union was founded in 1994. Traditional is an ADI regulated by APRA and carries an AFS licence under the Corporations Act 2001.
Abacus – Australian Mutuals is the association for credit unions and mutual building societies. See www.abacus.org.au for more information.
CUFA is a non-profit organisation established for credit unions to support and promote the values, philosophy and principles of the sector. CUFA is the development agency for the Australian credit union sector with a mission to empower communities through access to affordable financial services. CUFA has developed a Corporate Social Responsibility (CSR) Toolkit and an online financial literacy tool.
For more information contact:
Louise Petschler, Head of Public Affairs, Abacus
(02) 8299 9050; 0408 239 226
Ms Cathy Hunt, General Manager, Traditional Credit Union
(08) 8928 0052; 0429 095 966
Peter Mason, Executive Officer, Credit Union Foundation
(02) 8299 9059
