LAS VEGAS — Australian credit unions pay both taxes and volunteers. However, like in the U.S., the loss of interchange income is a sore subject.
Louise Petschler, chief executive officer of Abacus-Australian Mutuals, the country's national credit union trade organization, shared unique aspects of her country's system during a general session. She was joined on a panel by CUNA Chief Economist Bill Hampel and Herve Guider, general manager of the European Association of Cooperative Banks who hails from Belgium.
Australia's credit union volunteers are paid because "they take on very serious obligations, and we expect a lot from them," Petschler said, adding the posts can be as time consuming as a full-time job. Boards down under are required to complete a skills test, and if they fail, a director is appointed from outside the membership to provide the missing expertise.
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