Representatives from credit unions in Australia, Canada and theUnited States recently came together discuss solutions to commonindustry challenges.

The 17 leaders from the Credit Union Central of Canada, CUNA,Australia's Customer Owned Banking Association and the World Council of Credit Unions met in Sydney, Australia lastweek to talk about credit union branding, payments and systemevolution and regulatory burden and advocacy challenges.

Among the top advocacy challenges in each of the countries wasanti-money laundering, Basel III, capital, the Foreign Account TaxCompliance Act, member business lending and taxation, according tothe World Council.

The delegation also visited Bank MECU and Victoria TeachersMutual Bank in Melbourne, two of Australia's largest credit unionsthat changed their names to a mutual bank. A side-by-side operationof credit unions and mutual banks in the cooperative financialinstitution space was led by consumer attitudes and regulatorypressures in Australia, the World Council said.

Under the same legislative, taxation and regulatory frameworkand subject to decreasing consumer awareness, larger Australiancredit unions have taken on the name mutual bank and share thecommon theme of customer-owned banking.

One of the top challenges faced by World Council members andcredit unions around the world is the ability to provide paymentsolutions that respond to consumer demand, the council said. Aworkshop explored the work of Australian payments agent, Cuscal, todiscuss strategies of collaboration or piloting to help positioncredit unions in payments services to credit unions.

Other areas that were examined included governance challengesand sustainability of small institutions influence the evolution ofeach system and non-traditional competitors.

Brian Branch, president/CEO of the World Council, said theweeklong meeting with the delegation will help the council withvaluable lessons that it can share with the rest of the creditunion world that face common branding, payment and regulatorychallenges.