Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
CU to become first mutual bank in Australia
BRISBANE, Australia (5/19/11)--Queensland Teachers' CU (QTCU), in Brisbane, Australia, has applied to become the first mutual bank in Australia, according to The Courier-Mail (May 18). The credit union, which has 70,000 members, applied to the Australian Prudential Regulation Authority (APRA) to change to QT Mutual Bank Ltd. It will need 70% of members to vote on the name change at a special general meeting in Brisbane June 21. CEO Mike Murphy told the publication that the opportunity to become a mutual bank was created by the federal government's "fifth pillar" reforms to develop a more competitive and sustainable banking system. The credit union is one of the few credit unions meeting APRA's guidelines to use the term "bank," he said. He said the current name was not resonating with or attracting new members and the credit union could access cheaper wholesale funding once it is rated as a bank.


RSS print
News Now LiveWire
#Iowa Housing Authority honors #creditunion's mortgage commitment #NewsNow http://t.co/97me6ziPFa
6 hours ago
Adams to Zimmerman: Don't let your name define your financial decisions via @ndn http://t.co/kPVgQaDFNo
9 hours ago
Calif. ride-sharing law protects #creditunion collateral #NewsNow #System http://t.co/kXAAmbQgKO
10 hours ago
New offices mean moving sale at @TheKCUA https://t.co/xaof5SJkmE
11 hours ago
Existing-home sales slump in August as cash purchases decline @REALTORS
12 hours ago