Community First Credit Union supports #MoreThan4 campaign

Sydney, September 2018:  Community First Credit Union – a well-known customer-owned banking institution located across NSW, today strongly endorsed the new #MoreThan4 campaign, calling for a proportionate approach to banking regulation.

Launched by the Customer Owned Banking Association, the campaign is aiming to move Australia’s banking regulatory regime from a one-size-fits-all approach to a proportionate regime.

“The high regulatory costs imposed on customer-owned institutions such as ours mean the banking market isn’t as competitive as it should be – and consumers are paying the price,” Mr John Tancevski, CEO of Community First Credit Union, said.

Mr Tanceveski added, “At Community First Credit Union, we strongly believe a proportionate regulatory regime would allow us to grow and deliver even more value for customers in the community.

“Smaller institutions face higher regulatory costs compared to major banks. Keeping regulation proportionate will boost competition in retail banking.

“We support a new approach to regulation that recognises there are #MoreThan4 banking institutions.”

A true member of the community

Community First Credit Union stands apart from the big banks with its genuine commitment to give back to the local community. Mr Tancevski explains, “Numerous government inquiries into financial services continue to display confronting evidence on the difference between customer-owned banking institutions and banks driven for shareholder benefits.”

He adds, “At Community First Credit Union our members’ needs are our top priority, and we demonstrate this with a strong track record of sponsoring local events and initiatives to support the community in which our members live and work.”

How to support #MoreThan4

“We encourage our local community to support the #MoreThan4 campaign, and help create a regulatory regime that leads to more competition, choice and better outcomes for consumers,” said Mr Tancevski.

“Proportionate regulation would be good policy even if we had a healthy banking market, but we do not, so the need for a new approach to regulation is urgent,” concluded Mr Tancevski.

About Community First Credit Union

Community First is Sydney’s largest community based credit union and has been in operation since 1959. Community First has over 58,000 Members, 15 Financial Services Stores and over $1 billion in assets under management.

For nearly 60 years, the focus at Community First has been on building financial relationships that deliver our promise to benefit Members through standards of service superior than our competitors, fairer fees and competitive interest rates on savings and loans.

Last updated: 24 September 2018

The information contained in this article is only correct at the point of time of publication. It is general information and has been prepared without taking into account your personal circumstances, objectives or needs. Please consider if this information is right for you before making a decision to acquire any product.