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The World Council of Credit Unions concluded its study trip to Australia after a week of robust discussion and collaboration with Australia’s financial cooperatives. League President/CEO Todd Mason was part of the U.S. delegation that traveled abroad. He was joined by Brian Branch, President & CEO of the World Council of Credit Unions; Jim Nussle, President & CEO of the Credit Union National Association; Scott Simpson, CEO of the Utah Credit Union League; and executives from credit unions and leagues in California, Indiana, Florida, Oregon, South Carolina, and Washington.
During the trip, the delegation learned how Australia’s financial cooperatives are utilizing innovative platforms to enhance their digital payments system. Their success in this area has given them international acclaim.
“I am glad I had the opportunity to represent Maine’s credit unions in Australia and hear from our colleagues overseas,” said Mason. “These financial cooperatives are leading the way in digital innovation and attracting new members because of the services they are delivering to the market.”
The group also held frank discussions with branch executives in Melbourne and Sydney about the country’s challenging regulatory environment and the impact restrictive regulations have had on their industry.
“Regulation has left a negative imprint on the network there,” said Mason. “Many of the country’s financial cooperatives have been forced to consolidate. If it could happen there, it could happen here, which is why credit unions must remain engaged in advocacy at both the state and federal levels.”
Unsurprising, Australia’s financial cooperatives share our commitment to community and carry out the People Helping People philosophy through their work and service to their members.
“There is something truly remarkable about the credit union difference,” added Mason. “Credit unions are committed to enhancing the financial lives of their members and generating positive change in their communities. Whether you are in Caribou, Maine; Madison, Wisconsin; even Sydney, Australia, the focus is on what matters most – the people we serve.”