WASHINGTON—The board created to oversee the merger of CUNA and NAFCU has issued a statement encouraging credit unions to “embrace the industry’s cooperative spirit” as the new organization is set to begin in 2024.
As CUToday.info reported, credit unions that are members of CUNA and/or NAFCU have voted in favor and approved the merger to form a new trade group to be called America’s Credit Unions. Of those that voted, 94% of CUNA members and 86% of NAFCU members voted in favor of the merger, the organizations said.
With six weeks to go, the organizations have yet to release details around a number of the more challenging issues, such as any headcount reductions, payout packages being offered, office space changes, and more. CUToday.info will continue to reach out to both CUNA and NAFCU for comment.
‘Sights on the Future’
“Now that the voting period has closed, it’s time to set our sights on the future,” said Brian Schools, the current NAFCU chair who is also chairing the Transition Board of Directors and who is president and CEO of Chartway Credit Union in Virginia Beach, Va.
“The Transition Board is committed to combining the best of both CUNA and NAFCU,” added Lisa Ginter, current chairman of CUNA, vice chairman of the Transition Board, and CEO of CommunityAmerica Credit Union in Kansas City, Mo. “But we want to be clear that a transformation of this magnitude won’t happen overnight. There’s a lot of work to be done to ensure America’s Credit Unions is set up the right way and meets your needs.”
The Priorities
Schools said the board will “prioritize establishing a new culture and governance practices to support the vision of the organization, and will hold America’s Credit Unions’ President and CEO Jim Nussle accountable to delivering what credit unions need from a single national trade association.”
In their statement, Ginter and Schools also reiterated what they said is the importance of credit unions continuing to provide feedback on what they need from America’s Credit Unions to ensure the organization is meeting its mission.
“There are tremendous opportunities ahead for all credit unions. We know we are the best financial services option for consumers and main street small businesses. America’s Credit Unions will ensure policymakers never question this again,” Ginter stressed.
America’s Credit Unions will be legally formed Jan. 1, 2024.
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