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We are a banking institution says CUA

09/09/2010

Credit Union Australia wants the government to change the way financial institutions are labelled by regulators. Now banks, credit unions and building societies are regulated as Authorised Deposit Taking Institutions. CUA’s chief executive wants that changed. "We think there should be a level playing field," chief executive Chris Whitehead said after reporting a marginal increase in underlying net profit after tax to $43.1 million for the year ending June 30 -- up from $43m the previous year.

We are keen to lobby the government and replace authorised deposit-taking institution with authorised banking institution." Whitehead wants to dispel concerns that mutuals are not as safe as banks. "I believe it's a barrier to competition." The new term would be used by credit unions to highlight that they are regulated the same as banks, he said.

Source: The Australian



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