Mike Reuter and Rob Jones at First Credit Union, Hamilton, NZ Meeting with First Credit Union executives Mike and Rob with WOCCU Board Chair and COBA CEO Michael Lawrence Promotion of ICU Day 2024 at COBA Ignite the Future

A recent journey Worldwide Foundation for Credit Unions (WFCU) led for representatives of Virginia Credit Union (U.S.) included engagements with colleagues in New Zealand and Australia and facilitated important discussions on how credit unions can continue to prioritize their communities while navigating evolving financial landscapes. 

New Zealand: The Journey Begins 

The first stage of the Global Bridges Study Tour took participants to New Zealand, where WFCU President Mike Reuter and Virginia Credit Union Board Chair Rob Jones, met with colleagues at First Credit Union (FCU) in Hamilton.

Over the course of three days the delegation gained valuable insights into the strategies employed by New Zealand's credit unions to maintain their commitment to community support amid changing market conditions. 

A key highlight of the New Zealand visit was a tour of FCU’s Te Aroha branch, which serves as the only financial institution in the town. This visit underscored the essential role credit unions play in providing financial services to underserved and rural communities.

Meetings with FCU’s board, executives and staff offered the study tour participants a comprehensive understanding of how local credit unions successfully fill gaps left by traditional financial institutions. 

Australia: Continuing the Spirit of Cooperation 

Following the visit to New Zealand, the study tour proceeded to Australia, where the delegation engaged with two prominent cooperative financial institutions: People First Bank and Beyond Bank Australia. 

People First Bank, Australia’s largest customer-owned bank, has recently undergone a major merger aimed at enhancing its service delivery. During the visit, the bank’s leadership shared their experiences with corporate structure, governance, payments system and merger process. The tour of one of their newly established branches highlighted their dedication to customer service and operational innovation.   

Beyond Bank Australia impressed the participants with its community engagement initiatives. As one of the most socially active cooperative financial institutions in the country, Beyond Bank collaborates with over 6,000 organizations. This commitment to social responsibility was a central focus of discussions, demonstrating how financial institutions can expand their influence beyond traditional banking services and contribute to broader community development. 

Ignite the Future: The Role of Credit Unions in Global Finance 

The final portion of the tour was dedicated to attending the Customer Owned Banking Association's (COBA) 2024 Conference – Ignite the Future in Adelaide, Australia. Here, the delegation joined World Council of Credit Unions’ (WOCCU) Board Chair and COBA CEO Michael Lawrence in a series of high-level discussions on the future of the credit union movement. 

During a plenary session, Lawrence emphasized the significance of International Credit Union (ICU) Day 2024, highlighting the global importance of the cooperative finance model.  

Lawrence also chaired an important panel on Regulatory Perspectives, which included insights from key industry regulators such as Therese McCarthy Hockey, Executive Member of APRA (Australian Prudential Regulation Authority), and Neil Esho, Secretary General of the Basel Committee on Banking Supervision. The panel explored critical regulatory challenges and opportunities, offering participants valuable perspectives on navigating the regulatory environment.