Email survey to Members
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Email survey to members - Community First Credit Union
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| You may have heard that there have been some legislative changes that allow larger credit unions like Community First to apply to become a mutual bank. To help us make this important decision around our future we will be conducting an email survey of our Members around this and related topics. | |||||||||||||||
| The email survey will be sent on the 15th December 2011 by an independent research company – CoreData Research. All survey responses are strictly confidential. No individually identifiable information will be passed to Community First Credit Union or other third parties. CoreData Research has been engaged to deliver this survey so that the results are independently collected, collated and reported. The survey will be incentivised with a prize draw to encourage response with a grand prize of an iPad and 50 x $50 Coles Myer Gift cards. | |||||||||||||||
| Why are we undertaking this research? | |||||||||||||||
| The government is promoting mutuals like Community First Credit Union as the fifth pillar to compete with the Big 4 Banks. We currently meet the eligibility criteria to apply for regulatory approval to use the restricted term ‘bank’. We are simply exploring whether the concept of a Mutual bank holds any appeal for our Members or enhances the view that we are safer than banks. We would only do it if we found that it would improve our competitive positioning and support our long term growth. | |||||||||||||||
| What is a Mutual Bank? | |||||||||||||||
| A mutual bank is member owned, does not have external shareholders and as a business structure will have little impact on our Members. | |||||||||||||||
| Some important things to remember | |||||||||||||||
| • Regardless of our structure we are and will continue to be focused on our Members • Our Board and Management will consider this option in the future but are in no rush (there is no timetable for this). • We will not demutualise or pay shareholder dividends. There will be no change to the structure. It will potentially be a small name change. • This is not a vote! If we were to move to a formal resolution it would be voted on by all Members. As a Member, we encourage you to join this debate and take this opportunity to give us your view for consideration. | |||||||||||||||
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