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By: Staff Reporter
A south western New South Wales credit union has become the first Australian Credit licensee, under the new National Consumer Credit Protection Act.
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South West Slopes Credit Union, which operates in towns including Young, Cootamundra and West Wyalong, said it was committed to ensuring loans to members were suitable and affordable.
“As a mutual we are committed to being there for our members and our communities and that means we take our regulatory compliance obligations very seriously,” said South West Slopes CEO Steve Elsley.
Abacus CEO Louise Petschler said it was fitting that a representative of the mutuals sector was the first licensee.
“This is a reflection of our focus on our customers because our customers are our owners,” she said.
