WASHINGTON—Representatives from credit unions in two countries that have experienced both taxation and the cost of open banking implementation have shared with Americans what those experiences have been like.

Speaking to America’s Credit Unions GAC during a World Council of Credit Unions’ (WOCCU) International Advocacy breakout session were credit unions from Australia and Poland, respectively. Their comments were shared at the same time the trade group has launched its Don’t Tax My Credit Union” campaign, which is seeking to prevent a the loss of the tax exemption in the U.S.

“Many years ago, we had a tax exemption, but now the Polish credit unions pay taxes based on the same rules and regulations as our banks,” stated Rafał Matusiak, President of Poland’s National Association of Cooperative Savings and Credit Unions, and a WOCCU board director.

Matusiak told the meeting the change had a large affect on credit unions in Poland at the time, as it did in Australia, where the government eliminated the tax exemption for credit unions and other cooperative financial institutions.

“We had our tax exemption removed in 1994. At that time, we had around 400 different credit unions. Today, we have 55, and that is no coincidence,” said Alysia Smith, government relations manager at the Customer Owned Banking Association (COBA), WOCCU’s direct member association in Australia.

The Cost of Open Banking

Meanwhile, the panelists said open banking, which is increasingly coming to the U.S. market, has proven costly for credit unions in Poland and Australia.

Smith, who traveled to GAC 2025 as part of the Worldwide Foundation for Credit Unions’ WYCUP Scholarship program, according to WOCCU, also warned American credit union professionals about the expense that comes with the government requiring financial institutions to implement open banking laws—which allow consumers to share their financial data with third-party developers.

Open banking gives consumers control over their financial data and allows consumers to share data more easily.

A Piece of Advice

“If I can give you one piece of advice—if open banking does continue along (in the United States), please push your legislators at the same time to be implementing a consumer awareness style campaign. Because open banking is not realizing the competitive benefits that were promised, because our consumers are not aware of it,” said Smith. “In fact, one of our credit unions has an anecdote that it would have been more cost efficient for them to take every customer who had signed up to open banking in their credit union down to the dealership and buy them a brand-new car than implement open banking.”

Matusiak echoed Smith’s comments, saying it has not led to more competition to produce more financial products or services in Poland, either.  

“In my opinion, apart from some improvements for people using financial services—for example the ability to view all their accounts using one online banking system—I have not noticed any major revolution,” said Matusiak.

The Credit Union Difference

Separately, during the session WOCCU International Advocacy and Regulatory Counsel Erin O’Hern told the meeting the organization has a long track record of making a difference for credit union systems and their members in developing nations, as well. But that type of work is now at risk since USAID terminated all awards for the existing international development projects WOCCU had been implementing in seven countries.

“I have to say a tremendous ‘thank you’ to the U.S. credit union system that has really rallied behind us. And we are currently going through an advocacy process to make sure those key lawmakers are aware of the important work that credit unions are doing globally, and through this USAID funding in the past, as we move forward into this new era,” said O’Hern.