WASHINGTON–Just a few weeks after the merger of NAFCU and CUNA and the official formation of America’s Credit Unions, the new trade group has announced it plans to lay off as much as a third of its workforce.
America’s Credit Unions has filed a Worker Adjustment and Retraining Notification (WARN) notice in Wisconsin with the Dislocated Workers Unit of the state’s Department of Workforce Development in which it states that “as a result of a recent merger and forecasts of business needs going forward, it will implement a layoff that will affect employees in the states of VA, DC, WI and various remote locations reporting to those states.”
In Wisconsin, that includes employees at 4703 Madison Yards Way in Madison, where CUNA now leases space after exiting its long-time home on the campus of buildings that are owned by TruStage. NAFCU's offices were and are located in Arlington, Va., while CUNA also leases space for its headquarters in the District of Columbia..
The letter and the announcement were first reported by InBusiness Magazine.
Layoffs to Begin in March
“We expect the layoffs to begin in March, 2024, continuing through July, and they may affect 25%-30% of our 320-employee workforce across all offices,” the letter reads. “We have notified the potentially affected workers in writing today.”
America’s Credit Unions has also informed Office and Professional Employees International Union 39 in Wisconsin, which represents some of those employees.
“Those employees who are in the collective bargaining unit have bumping rights under the collective bargaining agreement with the company,” the letter states. “The layoff may affect all job titles and decisioning on individuals affected has not been finalized. The company will supplement this notice as additional information becomes available.”
The letter was signed by Susan Parisi, chief corporate counsel.
Since the announcement of the merger in the autumn of 2023, CUToday.info has contacted what was then CUNA and NAFCU and now America’s Credit Unions regarding changes to headcount, but the trade group declined to provide any updates on its plans.
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