Queensland Teachers Credit Union will change its name to QT Mutual Bank after receiving the approval of the Australian Prudential Regulation Authority to use the term "mutual bank" to describe itself.QTCU, which won the support of its members for the name change at a special general meeting last month, will start to use the new name on October 1. It will be the first financial institution to be called a mutual bank.Abacus, the peak body for the mutual financial services industry, has been pushing for its members to have the right to use the term "bank" for some time.Its view is that all licensed approved deposit-taking institutions operate under much the same regulatory regime, and credit unions and building societies should be able to use the term that most people in the community associate with safe, well-regulated financial institutions.The idea was taken up by the Government in its December policy document: Competitive and Sustainable Banking System. One of the aims of the policy is to introduce changes that will "educate consumers about the safety and competitiveness of mutual lenders." APRA's main requirement for the use of the term "mutual bank" is that the institution has minimum capital of $50 million.QTCU's deputy chief executive, Les Steinke, said in a statement yesterday that apart from the name change it was business as usual. The institution would "retain the key principles and core values of mutuality".