WASHINGTON–Voting is to begin today by member credit unions of CUNA and NAFCU on the proposed merger between the two national trade associations.
The voting period has opened at the same time CUNA and NAFCU have released the proposed dues structure if the deal is approved to create the trade group to be called “America’s Credit Unions.”
“It’s important to reiterate that all decisions on this structure were driven by a shared commitment to the collective needs of our memberships,” said a letter to the respective memberships of the organizations that was signed by Gary Grinnell and Lisa Ginter, chairs of the NAFCU and CUNA boards, respectively. “These decisions were made at the board level, with input from both (CUNA CEO) Jim Nussle and (NAFCU CEO) Dan Berger, in addition to outside legal consultants. Members of both CUNA and NAFCU boards of directors voted unanimously in support.
‘Prioritization & Transparency’
“We hope this clarifies many of your questions and underscores our prioritization of transparency,” the letter continues. “We truly believe the formation of America’s Credit Unions is an opportunity to better serve our collective membership, lead the industry into the future, and ensure the growth and prosperity of all credit unions. We encourage you to join us in voting in favor of this merger. The voting period is set to begin August 28, 2023.”
The voting is to run for 60 days with an announcement to be made in early November on the outcome of the vote.
The Dues Structure
According to CUNA and NAFCU, the dues structure if the merger is approved will be as follows:
2024 Dues
Calculated using the same CUNA methodology or NAFCU methodology currently in effect, as of December 31, 2023.
2025 Dues
Calculated using 2023 invoice methodology.
2026 Dues
Calculated using 2023 invoice methodology.
2027 Dues
Calculated by the new America’s Credit Unions dues structure, as will be determined by the Board of Directors.
Existing Dual Members as of Dec. 31, 2023
2024 Dues
“Dual members are encouraged to pay membership dues for both organizations,” the trades groups said, noting dues will be calculated using the same CUNA methodology and NAFCU methodology currently in effect, as of Dec. 31, 2023.
Members Paying Dual Dues for 2024
2025 Dues
Equal to the greater of the dues that would have been paid using CUNA’s current methodology or NAFCU’s current methodology, as of December 31, 2023.
2026 Dues
Calculated using 2024 invoice methodology as indicated for existing dual members.
2027 Dues
Calculated using 2024 invoice methodology as indicated for existing dual members.
2028 Dues
Calculated by the new America’s Credit Unions dues structure, as will be determined by the Board of Directors.
Extensive Coverage Here
CUToday.info also featured unique coverage of the first joint appearance by Berger and Nussle since the combination was approved. That reporting can be found here.
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