The Customer Owned Banking Association (COBA) has confirmed that chief executive Michael Lawrence (pictured) will retire later this year, after nearly a decade in senior leadership roles across the mutual banking sector.
Lawrence’s departure comes as mutual banks and credit unions continue to position themselves as relationship‑focused alternatives for first-home buyers and property investors amid a tougher interest rate and regulatory environment. His departure also coincides with an independent review of the Customer Owned Banking Code of Practice, now open for consultation and expected to reshape sector conduct and protections.
Lawrence has led COBA since December 2017, a period marked by major regulatory reform, the banking royal commission, and the COVID‑19 pandemic.
COBA chair Elizabeth Crouch said his tenure helped unify the sector’s advocacy voice.
“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,” Crouch said in a media release.
Crouch said the COBA board has already begun succession planning, with Lawrence expected to remain in place until October. She noted that the extended timeline “gives us more runway to deliver on our strategy and commitments to our members and their customers” and that Lawrence’s ongoing engagement would help ensure the association is “well positioned for the next phase.”
As part of that work, COBA has backed moves to streamline regulatory oversight through an updated Regulatory Initiatives Grid. It is also supporting the code review’s focus on hardship support, scams, and protections for vulnerable borrowers.
Reflecting on his time leading the association, Lawrence said, “It is and has been an absolute honour to advocate for the mutual banking, a sector that puts people and communities first.”
He highlighted that mutual banks date back to 1847 in Australia and “remain well connected with their customer owners and uniquely positioned to embrace opportunities for growth and innovation.”
Lawrence also serves as chair of the World Council of Credit Unions, with COBA set to co‑host more than 2,000 delegates at the World Credit Union Conference in Sydney in July.
In the meantime, submissions on the code review’s 18 key questions close on 2 April, giving brokers and other stakeholders a window to provide feedback on how the code works in practice.
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