Members and Education Credit Union, or mecu, is an Australian member-owned financial cooperative, based in Kew

Kew

Kew is a place in the London Borough of Richmond upon Thames in South West London. Kew is best known for being the location of the Royal Botanic Gardens, now a World Heritage Site, which includes Kew Palace...

, Victoria

Victoria (Australia)

Victoria is the second most populous state in Australia. Geographically the smallest mainland state, Victoria is bordered by New South Wales, South Australia, and Tasmania on Boundary Islet to the north, west and south respectively....

, which was formed on 1 January 2003 through the merger of the Members Australia and Education Credit Unions. In 2010, mecu reported that the organisation has approximately 140,000 members across Australia. The organisation employs over 330 staff across Australia and holds assets in excess of A$2.3 billion.

On 1 September 2011, mecu became Australia's first mutual bank

Mutual savings bank

A mutual savings bank is a financial institution chartered by a central or regional government, without capital stock, that is owned by its members who subscribe to a common fund. From this fund claims, loans, etc., are paid. Profits after deductions are shared between the members...

, and changed its name to bankmecu.

Sustainability

Mecu's business practices are based on a values-based system focusing on environmental, social and economic responsibility. The organisation undertakes a variety of initiatives to build capacity within the community through social programs, such as its Community Investment Program, which establishes how the organisation maximises its positive impacts in the community, prioritising those that are most relevant to the company's core business, products, services, members and employees.

On 25 March 2004, mecu became the first credit union in the world to become a signatory to the United Nations Environmental Programme Statement by Financial Institutions on the Environment & Sustainable Development. By becoming a signatory, mecu committed to promote positive interaction between economic and social development, and environmental protection, through development of a sustainability strategy.

The strategy takes the form of a Sustainability Covenant, in agreement with the Victorian Government, through EPA Victoria

Environment Protection Authority (Victoria)

EPA Victoria is a statutory authority that reports to the Victorian Parliament through the . Its purpose is to protect, care for and improve the environment for the benefit of the Victorian community.-Overview:...

in accordance with provisions of the Environment Protection Act 1970. The Covenant focuses on five key areas:

• ethics and governance
• employees
• social impact
• environmental impact
• leadership and partnerships

In 2010, mecu implemented staff sustainability awards to recognise staff who have made a significant contribution to sustainability in the workplace.

List of credit unions that have joined mecu

The following is a list of former Australian credit unions that have joined mecu, to date:

• ABG Credit Co-operative Limited
• Burwood Community Credit Union
• Choice Credit Union Limited
• College Credit Union
• Dependable Credit Union
• Doncaster and Templestowe Credit Union
• Education Credit Union
• Holy Redeemer Credit Co-operative
• IPC Credit Union
• Kingmoor Co-operative Credit Society Limited
• Kraft Employees' Credit Co-operative Limited
• Laboratories Co-operative Limited
• Macaulay Community Credit Co-operative
• Media Credit Union
• Members Australia Credit Union
• Moe Credit Co-operative
• Outlook Credit Union
• Professionals First Credit Union (APESMA)
• Provident Credit Co-operative Limited
• SEC Credit Union (Enterprise Credit Union)
• Sirocredit (CSIRO Co-operative Credit Society)
• St Bridgets Co-operative Society
• St. Agnes of Highett Co-operative Credit Society Limited
• Tertiary Credit Union
• Uni Credit Union
• RegionalOne Credit Union
• Maroondah Credit Union
• Kennington Parish Co-op (Golden City Credit Co-op)
• Sacred Heart Bendigo Co-op (Sandhurst Credit Union)
• St Kilians Co-op
• St Mary’s Kyneton Co-op (Kyneton Co-op)
• Echuca Parish Co-op
• St Mary’s Castlemaine & District Co-op (Castlemaine & District Co-op)
• Maryborough Parish Co-op
• St Columbas Co-op Credit Society
• St Patrick’s Co-op Credit Society
• St Mary’s Golden Square Co-op
• Redan – Sebastapol Co-op Credit Society
• St Joseph’s Quarry Hill Co-op
• Daylesford Christian Family Co-op
• Mildura Parish Co-op
• White Hills Parish Co-op
• Mildura Parish Co-op (Mildura Credit) (Sunraysia Credit Union)
• Stawell Credit Co-op
• Colac & District Credit Co-op
• Ballarat Base & Associated Hospitals Credit Co-op
• M B John Employees Co-op
• Bendigo Home and Hospital Credit Co-op
• Bendigo Credit Co-op
• Ararat Credit Co-op
• St Alipus Co-op
• Ballarat East Credit Union Co-op
• Echuca Parish Co-op (Echuca CU)
• Bendigo and District Credit Union (North West Country Credit)
• Ballarat Co-op Credit Union (GoldCredit)
• Waverley Credit Union