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
USFCU, Minn., hosts small business networking night. http://t.co/CBFHpJTFZe
2 hours ago
Number of @CUNA-certified fin. counselors hits 2,175 http://t.co/3fQGcdxyLO
3 hours ago
Jobless claims drop by 19,000 this week #Market #NewsNow http://t.co/LSqaYCsmX4
4 hours ago
#RBC draws letters from @SenatorBegich, @SenShelby to @TheNCUA See #NewsNow http://t.co/JvLBwkHwxF
5 hours ago
It's #summercamp with a financial literacy, #creditunion twist http://t.co/5eaps9ZoVB
7 hours ago