Religious charitable development funds (RCDFs) are funds that have been established to borrow and use money for religious and charitable purposes. This fundraising activity meets the definition of banking business under the Banking Act 1959 (Banking Act). RCDFs have historically been exempt from the requirement to be authorised under the Banking Act provided specified conditions are met as set out in the exemption order. The current exemption order is Banking exemption No. 1 of 2016.
The current exemption order and conditions which commenced on 1 January 2017 can be found here:
APRA consulted on proposed changes to the exemption order in 2013.