APRA has granted a new license to Lutheran Laypeople’s League of Australia as an authorised deposit-taking institution.
LLL, which acts a charitable financial institution had previously been operating as a religious charitable development fund (RCDF).
The decision came following regulatory changes in 2016, which prevented RCDFs from providing at-call savings accounts to retail depositors unless they obtained an ADI license under the Banking Act.
With the change, LLL has adapted its name to LLL Australia.
The institution has said there will be no changes to its staff or board as a result.
“The LLL’s current annual support to the Lutheran Church of Australia is approximately $10 million through the provision of low-interest loans to many Lutheran schools, congregations and aged care facilities, targeted grants from LLL Permanent Funds, and directors’ allocations as requested by General Church Board (GCB),” pastor John Henderson, bishop of the Lutheran Church of Australia said.
“Along with the GCB, I fully support the decision of the LLL Board in becoming an ADI and I encourage all members to continue to support the LLL.”
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