MONTREAL, Quebec– NAFCU is opening its membership to federally insured, state-chartered credit unions effective immediately. The trade group told CUToday.info it will not in any way change its focus on federal issues and it will not be doing any work at the state level. NAFCU already has some federally insured, state-chartered CUs as members, representing former federal charters that converted.
“The NAFCU Board made this unanimous decision because our industry is rapidly evolving, and in a changing marketplace, credit unions are seeking more from their advocacy organizations,” said NAFCU CEO Dan Berger at the trade group’s annual meeting here. “We’ve heard that message and are ready to rise to the challenge.”
NAFCU noted that for half a century it has represented federal credit unions nationwide before key policymakers and regulators in Washington, including Congress, NCUA and the CFPB. Having led the fight for federal share insurance for credit union members, NAFCU said it has long recognized that its advocacy efforts at the federal level have an impact on all credit unions, both federal and state-chartered.
“This announcement is a natural evolution of NAFCU’s mission and supports our goal to help all credit unions with federal issues by becoming a stronger, more impactful organization,” said Ed Templeton, chair and director-at-large of the NAFCU Board of Directors. “This unanimous decision included enthusiastic support from our board because it will further NAFCU’s ability to provide the absolute best in member service and choice to all federally insured credit unions.”
Berger said state charters have regularly asked about joining NAFCU but were unable to until the recent bylaws change.