{"id":"F2025L01103","name":"Banking (restricted word or expression) determination No. 1 of 2025 – Credit Co-operative","slug":"banking-restricted-word-or-expression-determination-no-1-of-2025-credit-co-operative","collection":"legislative_instrument","jurisdiction":"commonwealth","status":"in_force","isInForce":true,"actNumber":null,"makingDate":null,"administeringDepartment":null,"currentVersion":{"id":106844,"registerId":"commonwealth-F2025L01103-current","compilationNumber":null,"startDate":"2026-04-03","status":"InForce","reasons":null,"registeredAt":null},"sections":[{"sectionNumber":"1","sectionType":"section","heading":"Banking (restricted word or expression) determination No. 1 of 2025 – Credit Co-operative","content":"# ![Commonwealth Coat of Arms](image.001.png)\n\nBanking (restricted word or expression) determination No. 1 of 2025 – Credit Co-operative\n\nBanking Act 1959\n\nI, Ian Beckett, a delegate of APRA:\n\n1.  under subsection 66(5) of the Banking Act 1959 (the Act), and subsection 33(3) of the Acts Interpretation Act 1901, REVOKE Banking (restricted word or expression) determination No. 1 of 2015 made on 6 August 2015; and\n\n1.  under subsection 66(5) of the Act, DETERMINE that the expression ‘credit co-operative’ is a restricted expression for the purposes of section 66 of the Act.\n\nThis instrument commences on the day it is registered on the Federal Register of Legislation.\n\nDated: 12 September 2025\n\nIan Beckett\n\nActing Executive Director\n\nPolicy and Advice Division\n\nInterpretation\n\nIn this instrument:\n\nAPRA means the Australian Prudential Regulation Authority.\n\nrestricted expression has the meaning given in subsection 66(4) of the Act.","sortOrder":0}],"analysis":{"flash_summary":{"complexity_score":2,"scope_assessment":{"changed":true,"description":"This instrument revokes Banking (restricted word or expression) determination No. 1 of 2015 and issues a new determination that the expression 'credit co‑operative' is a restricted expression under section 66 of the Banking Act (instrument para 1–2). That revocation plus re‑determination represents a change in the operative instruments in the statute book. Whether the substantive legal scope or practical obligations for third parties differ from the revoked 2015 determination cannot be determined from this instrument alone because it does not reproduce the revoked instrument or the operative text of section 66; comparison with the revoked instrument and s.66 would be required to assess any substantive change in scope."},"complexity_factors":["Single, narrowly framed action (revocation of a prior instrument and a single-word designation).","Dependence on an external statutory provision (section 66 of the Banking Act) for substantive effect — reader must consult s.66 to know precise rules and consequences.","Reference to delegated administrative power (subsection 66(5)) and an interpretive provision (subsection 33(3) of the Acts Interpretation Act) creates a small technical/legal linkage.","No procedural detail in the instrument about enforcement, approvals, or penalties — those are governed by the referenced statute, increasing practical complexity for affected parties who must consult multiple documents."],"plain_english_summary":"This instrument, signed by an APRA delegate, revokes a 2015 determination and declares the words \"credit co‑operative\" a \"restricted expression\" under section 66 of the Banking Act. It therefore affects any person or entity wanting to use that phrase (in names, branding or documents), who must now comply with the permissions or prohibitions set out by the Act and APRA processes."},"kimi_summary":{"content_quality":"ok","complexity_score":2,"scope_assessment":{"changed":false,"description":"This instrument maintains the original scope of the Banking Act's restricted words regime. It is a routine administrative update replacing an expired 2015 determination with a new 2025 version covering the same concept ('credit co-operative'). The scope has not expanded beyond the Act's original purpose of controlling the use of banking-related terminology."},"complexity_factors":["Very short instrument (approximately 200 words)","Only 2 defined terms in the interpretation section ('APRA' and 'restricted expression')","Simple structure: revocation of previous instrument + new determination","No nested exceptions, conditional logic, or cross-references beyond basic statutory citations","Single substantive action: declaring one specific expression as restricted"],"plain_english_summary":"This is a short legal instrument made by APRA (the banking regulator) that updates the list of words and expressions that cannot be used without permission.\n\n**What it does:**\n- **Revokes** (cancels) an old 2015 determination that had previously restricted the use of certain banking-related words.\n- **Determines** that the expression **'credit co-operative'** is now a \"restricted expression\" under the Banking Act 1959.\n\n**What this means:**\nUnder section 66 of the Banking Act, certain words and expressions connected to banking are restricted. Generally, only authorised deposit-taking institutions (ADIs) — like banks, credit unions and building societies — can use these restricted words in their names or descriptions. If you're not an ADI, you usually need APRA's permission to use them.\n\n**Who it affects:**\n- **Credit co-operatives** — these are member-owned financial cooperatives (similar to credit unions). They will now need to ensure they comply with the restricted expression rules when using this term.\n- **Businesses and organisations** wanting to use the words \"credit co-operative\" in their name or marketing — they may now need APRA approval unless they are an authorised deposit-taking institution.\n\n**Why it matters:**\nThis protects consumers by ensuring that only properly regulated financial institutions can use banking-related language. It prevents unlicensed operators from misleading people into thinking they offer prudentially regulated banking services when they don't."}},"importantCases":[],"_links":{"self":"/api/acts/banking-restricted-word-or-expression-determination-no-1-of-2025-credit-co-operative","history":"/api/acts/banking-restricted-word-or-expression-determination-no-1-of-2025-credit-co-operative/history","analysis":"/api/acts/banking-restricted-word-or-expression-determination-no-1-of-2025-credit-co-operative/analysis","conflicts":"/api/acts/banking-restricted-word-or-expression-determination-no-1-of-2025-credit-co-operative/conflicts","importantCases":"/api/acts/banking-restricted-word-or-expression-determination-no-1-of-2025-credit-co-operative/important-cases","documents":"/api/acts/banking-restricted-word-or-expression-determination-no-1-of-2025-credit-co-operative/documents"}}