Customer Owned Banking Association (COBA) CEO Michael Lawrence has been voted Chair of the World Council of Credit Unions (WOCCU), and the election is set to shine a global spotlight on Australia’s customer-owned banking sector.
“It’s my great honour to lead WOCCU as we continue our vital work in driving positive change in the financial sector. In a world increasingly dominated by large financial institutions, customer-owned banks forge a different path which prioritises people over shareholder returns, and collective prosperity over individual gain. By working together across borders, we can champion the customer-owned model,” COBA CEO and WOCCU Chair Michael Lawrence said.
In Australia, COBA represents 55 customer-owned banks, which includes credit unions, mutual banks and building societies. Globally, WOCCU has a membership of more than 50 national and regional credit union associations that represent over 75,000 credit unions comprised of more than 280,000 members in over 70 countries.
As Chair, Lawrence will lead the global organisation’s efforts to advocate for credit unions worldwide, promote financial inclusion and foster cross-border collaboration.
“This is a great opportunity for the Australian customer-owned banking sector to share its expertise and learn from other countries. By collaborating with credit unions worldwide through WOCCU, we can further strengthen the customer-owned model and drive positive change in the global financial landscape,” he said.
Lawrence replaces outgoing Chair Diana Dykstra. The announcement was made during the second general session of the 2024 World Credit Union Conference, held on Tuesday 23 July (AEST time) in Boston, USA.
“Since I came to WOCCU in 2021, Michael has been one of the most engaged Board members we have had, helping me in countless ways. He is more than ready to lead our Board of Directors into the future, as we strive to accomplish more for the global credit union movement,” said Elissa McCarter LaBorde, WOCCU’s President and CEO.
His term aligns with the United Nations’ declaration of 2025 as the International Year of Cooperatives, offering a unique platform to elevate and promote the customer-owned banking model globally.
“This declaration means that we will have a unique opportunity to showcase our impact, to share our stories, and to advocate for policies that support customer-owned banking on a global scale,” Lawrence said.
Michael Lawrence has served as CEO of COBA since 2017 and will continue to advocate for the interests of customer-owned banks in Australia, while focusing on elevating the benefits of the model on a global scale in his position as Chair of the WOCCU. He has been a member of the WOCCU Board of Directors since 2018.
ENDS
For further information or to arrange interviews, please contact Mira Palomaki on media@coba.asn.au
About COBA
The Customer Owned Banking Association is the industry body for mutual banks, credit unions and building societies. For 150 years our sector has put customers first, returning profits to more than 5 million Australians who put their trust in customer-owned banks.
About World Council of Credit Unions
World Council of Credit Unions is the global trade association and development platform for credit unions. World Council promotes the sustainable development of credit unions and other financial cooperatives around the world to empower people through access to high quality and affordable financial services. World Council advocates on behalf of the global credit union system before international organizations and works with national governments to improve legislation and regulation. Its technical assistance programs introduce new tools and technologies to strengthen credit unions’ financial performance and increase their outreach.