He becomes first Australian to lead WOCCU board in 25 years
Michael Lawrence (pictured above), chief executive of the Customer Owned Banking Association (COBA), has been elected chair of the World Council of Credit Unions (WOCCU) – an appointment that is expected to bring global attention to 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,” Lawrence said. “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 represents 55 customer-owned banks in Australia, including credit unions, mutual banks, and building societies. WOCCU’s membership spans over 70 countries, with more than 50 national and regional credit union associations representing over 75,000 credit unions and 280,000 members.
Lawrence has served as CEO of COBA since 2017 and will continue to advocate for the interests of customer-owned banks in Australia while promoting the benefits of the model globally as a result of his election as WOCCU chair. A WOCCU board member since 2018, Lawrence has become the first Australian to lead WOCCU Board in more than 25 years.
As chair, Lawrence will guide WOCCU’s efforts to advocate for credit unions worldwide, promote financial inclusion, and foster international collaboration.
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“This is a great opportunity for the Australian customer-owned banking sector to share its expertise and learn from other countries,” he said. “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.”
Lawrence replaces outgoing chair Diana Dykstra. The announcement was made during the 2024 World Credit Union Conference’s second general session in Boston.
“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,” said Elissa McCarter LaBorde, WOCCU president and chief executive. “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.”
Lawrence’s term coincides with the United Nations’ declaration of 2025 as the International Year of Cooperatives, offering a significant platform to 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.
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