As another banking inquiry gets underway, Rob Goudswaard, chief executive officer of CUA, has pointed out that at least one has been of benefit to his sector.Speaking at a media briefing in Sydney yesterday, Goudswaard said: "The Hammond review [on Reforms for Cooperatives, Mutuals and Member-owned Firms], for the mutual sector was an absolute cracker."One of the key recommendations from that review was around the mutual sector's ability to raise tier 1 capital. This will be achieved via entirely new instruments, with the benefit that, if brought into practice, mutuals will have more flexibility than just funding through deposits."There are two parts to that: legislative [in particular, amendments to the Corporations Act and the Taxation Act] and changing the constitution [of any mutual that wants] to raise tier 1 capital via the new instrument proposed by Greg Hammond," Goudswaard said."At the time the Treasurer said he aimed to have it [introduced] in Parliament by the end of the financial year which makes it June or July - and I reckon it might be a chance.""Mutuals can raise tier 2 capital, but is not considered by the ratings agencies, even if it's accepted by APRA."The other aspect, Goudswaard said, is that the changes appeared to have bipartisan support. Goudswaard also suggested that it won't just be the insto investors who will be keen. Of CUA's 400,000-plus odd members only 50,000 or so have a home loan, and many would like to earn a better rate of return on their investments."I actually expect our members to be big investors in this new instrument," he said."It will give CUA the ability to issue tier 1 capital and make fully franked payments to investors - and we have a lot of cranking credits."