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Home / Business

Credit chief wants us to get union benefits

30 Jun, 2000 03:24 AM2 mins to read

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By Dita De Boni

The new president of the World Council of Credit Unions says restrictive laws limit the success of such unions in this country.

Dennis Cutter, a 32-year veteran of the credit union movement in the United States and former railway worker, says the movement here is behind the times,
referring to 1982 legislation that prohibits accounts of more than $40,000, excludes commercial businesses and rigidly interprets membership rules.

More than 39,000 credit unions worldwide are owned and run by members on a nonprofit basis.

Any surpluses are paid as dividends to account-holders or used to reduce interest rates on loans.

This country has about 90 credit unions covering just 7 per cent of the workforce, compared with three million members covering 32 per cent of workers in Australia and 68 million members representing 50 per cent of the workforce in the United States.

As well as heading the world council, Mr Cutter is also CEO of the Spokane Railway Credit Union, an organisation of 39,400 members with $US272 million ($515 million) in assets, and says New Zealanders should be allowed to have a fully functioning alternative to commercial banks.

"One of the things that can help more than anything else is current legislation that at least keeps credit unions in the running and helps to alleviate despondency when people become disillusioned with regular banks."

Mr Cutter says credit unions such as Spokane Railway are not just designed for people of modest means but have an increasingly large array of financial services, including cheques, home banking and debit cards, which make them "fully comparable, but distinct in [their] commitment to social responsibility and putting funds back into the community through micro-enterprise loans and philanthropy."

Doug McLaren, the New Zealand Association of Credit Unions chief executive, who is playing host to Mr Cutter, says credit unions here face difficulties in entering the clearing systems (for cheques and other non-cash transactions) that are controlled by the commercial banks.

"People are crying out for an alternative system, especially in small towns," he says.

"Credit unions are able to fill the void, but we are up against outdated legislation inherited from Britain and untouched in 18 years."

Mr McLaren and Mr Cutter are discussing how best to lobby the Government for law changes.

Former Prime Minister David Lange fronted the association's recent marketing campaign.

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