The Customer Owned Banking Association (COBA), the main industry body, represents 74 credit unions, 6 building societies, and 12 mutual banks.
They also represent 13 so-called friendly societies or mutual societies which provide savings, investment and insurance products to help its customers plan for life events like education, retirement, health, and travel.
The association started out as the Association of Building Societies and Credit Unions (Abacus – Australian Mutuals) in 2006, a merger between the Credit Union Industry Association (CUIA) and the Australian Association of Permanent Building Societies (AAPBS).
On 1 July 2013, it was relaunched as COBA.