Many of the 60-odd customer owned banking institutions currently trading as credit unions and building societies "look forward to engaging" on the option of using the bank label instead of their present label, the Customer Owned Banking Association believes."There are already 19 customer owned banks providing competition and choice in the retail banking market," Mark Degotardi, COBA chief executive said yesterday."The historic restriction on use of the term 'bank' [to] ADIs with more than $50 million in capital is out of date and no longer relevant," Degotardi said.Not all those eligible under existing rules to take up bank naming have moved to do so. There are also 44 more mutuals, mainly credit unions, with less than A$50 million in net assets.One disinterested to date is the mutual ADI sector leader, Credit Union Australia, an outfit hanging its strategy around its naming credentials absent the bank suffix and a legacy of brand value in the acronym CUA.Nostalgia may ring true with others in the mutual ADI sector."Some credit unions and building societies may prefer not to rebrand but at least now they will have a choice," Degotardi said.Since 1980 only five genuinely new ADIs have emerged in the Australian landscape and only one - Tyro Payments - has wormed its way past APRA in the last 20 years.