HSC Financial Services (VET) Practice Questions - HSC Financial Services (VET) (NSW Higher School Certificate, Year 12) Exam

What key feature distinguishes a mutual credit union from a publicly listed commercial bank in Australia?

Commercial banks are exempt from APRA regulatory supervision Credit unions are not permitted to process electronic funds transfers Credit unions are owned by their members, whereas listed commercial banks are owned by public shareholders Credit unions cannot issue home loans to individuals

Correct Answer:

Credit unions are owned by their members, whereas listed commercial banks are owned by public shareholders

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