Does anyone have experience with credit unions in this regard? One reason I moved my money from a big bank to a CU was to avoid their meddling in my personal affairs and politics.
Does anyone have experience with credit unions in this regard? One reason I moved my money from a big bank to a CU was to avoid their meddling in my personal affairs and politics.
Gretchen, APRA regulates Credit Unions, along with Banks and other financial institutions. Many CU's are also aligned via employment etc: the U in it will give some insight. Many CU's provide a very good alternative to general banking and ostensibly exist to serve their members. You may wish to consider your original motive for moving your money from banks to CU's if it was solely for those reasons you stated.
APRA is a joke; had to resort to it several times and all times it was "mumble mumble.. they didn't mumble discharge their responsibilities properly... mumble.. but they didn't mean too (complaint #3,0216,914 against same bank for same breach)
The reality is the vast majority of bank managers (generally older staff over 40 yo) do not believe in woke politics and do not want to be involved in de facto policing and many have left the industry. The biggest concern for me is that they are being replaced by younger staff who have been indoctrinated into wokeism and even show some altruistic enthusiasm towards these policies. The same compliance rules apply via code of conduct and legislation to all financial institutions and are overseen by regulators who have doubled in staff since the royal commission in 2018. They are very strict and insist banks follow community expectations (ie woke) and regularly threaten the institutions banking license which makes executives very nervous and leads to policies such as Bettina refers to (not defending them). The interpretation of these policies was far more practical from the older generation than the current one. Many people donтАЩt realise that essentially the whole boards of CBA and Westpac were removed a few years ago due to not monitoring suspicious (not proven) transactions for terrorist and drug activities and now the feminist movement has moved in on the action. Government would rather turn bank staff into de facto police rather than raise taxes (and lose elections) to adequately fund the federal police to do this. To my mind bankers should manage money and provide opportunity not act as unqualified police. Scary times we live in.
Does anyone have experience with credit unions in this regard? One reason I moved my money from a big bank to a CU was to avoid their meddling in my personal affairs and politics.
Gretchen, APRA regulates Credit Unions, along with Banks and other financial institutions. Many CU's are also aligned via employment etc: the U in it will give some insight. Many CU's provide a very good alternative to general banking and ostensibly exist to serve their members. You may wish to consider your original motive for moving your money from banks to CU's if it was solely for those reasons you stated.
APRA is a joke; had to resort to it several times and all times it was "mumble mumble.. they didn't mumble discharge their responsibilities properly... mumble.. but they didn't mean too (complaint #3,0216,914 against same bank for same breach)
The reality is the vast majority of bank managers (generally older staff over 40 yo) do not believe in woke politics and do not want to be involved in de facto policing and many have left the industry. The biggest concern for me is that they are being replaced by younger staff who have been indoctrinated into wokeism and even show some altruistic enthusiasm towards these policies. The same compliance rules apply via code of conduct and legislation to all financial institutions and are overseen by regulators who have doubled in staff since the royal commission in 2018. They are very strict and insist banks follow community expectations (ie woke) and regularly threaten the institutions banking license which makes executives very nervous and leads to policies such as Bettina refers to (not defending them). The interpretation of these policies was far more practical from the older generation than the current one. Many people donтАЩt realise that essentially the whole boards of CBA and Westpac were removed a few years ago due to not monitoring suspicious (not proven) transactions for terrorist and drug activities and now the feminist movement has moved in on the action. Government would rather turn bank staff into de facto police rather than raise taxes (and lose elections) to adequately fund the federal police to do this. To my mind bankers should manage money and provide opportunity not act as unqualified police. Scary times we live in.
"altruistic enthusiasm"? Don't you mean "mysandristic duluthian enthusiasm"?