There have been numerous iterations of the Institute of Credit Union Directors around the country at state and national level. Australian Mutuals Archives holds records of all of them. The origin of the first in NSW can be traced to a seminar held at the University of New England in 1978 that was attended by many credit union directors. Here it was decided that the institute be formed to assist directors in carrying out their responsibilities by setting standards of professional directorship. It would also provide a forum in which directors could exchange views with their colleagues and perpetuate the credit union philosophy.

The Institute of Credit Union Directors (Victoria) was established on 27 November 1986 and within a year institutes had been established in Queensland, South Australia and Western Australia. In November 1995 the Australian Institute of Credit Union Directors (AICUD) was formed from the union of the various state institutes.

In 2006, AICUD merged with the Australian Institute of Credit Union Managers (AICUM) to form the Australian Credit Union Institute (later the Australasian Mutuals Institute).