Notice of name change of authorised deposit-taking institution - Central Coast Credit Union Ltd

Overview

The Notice of Name Change of Authorised Deposit-Taking Institution, published on 16 November 2016, is a gazetted notification issued under the Banking Act 1959 by Keith Chapman, a delegate of the Australian Prudential Regulation Authority (APRA). This notice formalises the change in name of Wyong Shire Credit Union Ltd to Central Coast Credit Union Ltd, effective from the date of publication in the Gazette. The underlying objective of the Banking Act 1959 is to regulate and oversee authorised deposit-taking institutions to ensure financial stability and consumer protection, and this notice ensures the continuity of regulatory oversight by updating the institution's name in the authority granted under section 9 of the Act. The Act is administered by the Commonwealth Parliament, and this specific notice aligns with the statutory requirements for notifying name changes to maintain accurate and current records within the regulatory framework.

Scope and Application

The Notice of name change of authorised deposit-taking institution under the Banking Act 1959 applies specifically to the institution Wyong Shire Credit Union Ltd, which has changed its name to Central Coast Credit Union Ltd. This name change affects the entity's recognition and operation under the Act. The Australian Prudential Regulation Authority (APRA), through its delegate Keith Chapman, has acknowledged this change and confirmed that the institution's authority under section 9 of the Act now applies to Central Coast Credit Union Ltd. The jurisdictional reach of this legislation is federal, as it pertains to authorised deposit-taking institutions operating within Australia, overseen by APRA. The Notice ensures the continuity of the institution's regulatory status and compliance with the Act following the name change. No exclusions, exemptions, or thresholds are specified in this notice, which directly affects the named institution. The Act's application is precise and straightforward in this context, with no indication of extensions or restrictions through subordinate instruments.

Key Provisions

The Notice of name change of authorised deposit-taking institution is a document issued under the Banking Act 1959, specifically under section 9B(1)(b). It is signed by a delegate of the Australian Prudential Regulation Authority (APRA) and informs that Wyong Shire Credit Union Ltd has changed its name to Central Coast Credit Union Ltd. This name change is acknowledged by the Authority, which is already held by Wyong Shire Credit Union Ltd, and is deemed to be granted to Central Coast Credit Union Ltd upon publication of this Notice in the Gazette (subsection 9B(3)). This legal instrument ensures that the new name of the authorised deposit-taking institution is officially recognised and that the Authority remains valid under the new name. Under the Banking Act 1959, the obligations imposed on the parties governed by this Act include the requirement for authorised deposit-taking institutions to notify APRA of any significant changes, such as a change in name. In this case, Wyong Shire Credit Union Ltd, prior to its name change, must have complied with the procedural requirements set out in the Act to effect the name change. Additionally, the Notice itself must be published in the Gazette to ensure that the change is officially recognised and communicated to the public. The Act mandates that the Authority held by Wyong Shire Credit Union Ltd continues to be valid under the new name, Central Coast Credit Union Ltd, as per the provisions of section 9B. The Banking Act 1959 does not explicitly outline specific offences or penalties for failing to notify APRA of a name change or for not publishing such a notice in the Gazette. However, the failure to comply with the requirements of the Act can lead to broader legal consequences, including potential regulatory action by APRA. This could involve enforcement actions, fines, or other regulatory measures to ensure compliance with the Act's provisions. The seriousness of the consequences would depend on the specific circumstances and the extent of non-compliance. The Notice itself ensures that the legal framework is followed, maintaining the integrity and transparency of the authorised deposit-taking institution's operations.