People's Choice Credit Union yesterday announced that it will "adopt a new approach" to setting interest rates and "may adjust rates independently of RBA official cash rate decisions."The credit union may be the first mutual institution to adopt a new policy, one pioneered by the ANZ and Bendigo banks, and followed in the past month by a number of other lenders.People's Choice, based in Adelaide, said it decided "against lifting rates this month", but implied that it may do so soon.In a statement posted on its website, the credit union's managing director, Peter Evers, said People's Choice would manage rates "based on our true costs and what our competitors are doing in the market place."