| Type | Consumers' co-operative |
|---|---|
| Founded | 2003 |
| Headquarters | Kew, Victoria, Australia |
| Key people | Phylip Doughty, Chief Executive Officer |
| Industry | Banking |
| Products | Retail banking |
| Members | 140,000 |
| Employees | 330 |
| Website | mecu.com.au |
Members and Education Credit Union, or mecu, is an Australian member-owned financial cooperative, based in Kew, Victoria, 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, and changed its name to bankmecu.[1]
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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.[2]
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.[3]
The strategy takes the form of a Sustainability Covenant, in agreement with the Victorian Government, through EPA Victoria in accordance with provisions of the Environment Protection Act 1970. The Covenant focuses on five key areas:
In 2010, mecu implemented staff sustainability awards to recognise staff who have made a significant contribution to sustainability in the workplace.
The following is a list of former Australian credit unions that have joined mecu, to date:[4]
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