Michael Lawrence to hang up his hat after nearly a decade in top position
Michael Lawrence (pictured), chief executive of the Customer Owned Banking Association (COBA) has announced his retirement after nearly a decade in the role.
Lawrence said it has been “an absolute honour” to advocate for mutual banks, calling it “a sector that puts people and communities first”.
“I’m incredibly proud of the successes and the resilience our members have shown through what has been a period of significant challenge and change, including supporting customers through the pandemic,” said Lawrence, who took over the role in December 2017.
“Mutual banks have had a long and proud history in Australia, dating back to 1847 and remain well connected with their customer owners and uniquely positioned to embrace opportunities for growth and innovation,” he added.
Reflecting on Lawrence’s contribution to the industry, COBA chair Elizabeth Crouch said: “Mike has done an outstanding job in bringing the sector together, allowing COBA to advocate with a stronger and more unified voice for customer-owned banking.”
Regulatory challenges have been a prominent fixture of Lawrence’s tenure, including calling for a more proportional approach to regulatory oversight.
“A one-size-fits-all approach to regulation fails to recognise the inherently different risk profile of our sector. A pivotal shift is necessary – one that aligns regulation with the actual risks posed by different banking institutions and that has simplification at its core,” he wrote last October in a submission to the Australian Securities and Investments Commission (ASIC) consultation on REP 813 Regulatory Simplification.
Under Lawrence, COBA has pushed for greater coordination among regulators to reduce the regulatory burden on small and medium-sized banks, warning that customer-owned banks “face disproportionate challenges in navigating a fragmented and uncoordinated regulatory landscape”.
Lawrence has also advocated for a multinational approach to tackling scams and fraud in the banking industry.
The COBA Board has already commenced planning for Lawrence’s succession.
“We have a longer lead time for Mike’s departure giving us more runway to deliver on our strategy and commitments to our members and their customers,” said Crouch. “Mike’s engagement on these matters will ensure we’re well positioned for the next phase. We look forward to keeping stakeholders informed of progress between now and October.”
Lawrence has also been the chair of the World Council of Credit Unions (WOCCU) since July 2024. COBA and the WOCCU are gearing up to co-host the first-ever Sydney-based World Credit Union Conference this July, where more than 2,500 delegates from the global mutual sector are expected to attend.
