Credit Union Exam Solutions Presents With Flying Colors #126 CUNA & NAFCU MERGER WHAT YOU NEED TO KNOW with John Mckechnie & Geoff Bacino
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Our take on what the merger might mean.
From CUNA's webpage:
CUNA President/CEO Jim Nussle and National Association of Federally-Insured Credit Unions (NAFCU) President/CEO Dan Berger Tuesday notified members of both organizations that the associations have signed a Letter of Intent (LOI) to merge and form into a single, powerful entity to serve credit unions more efficiently and effectively, without redundancies.
Nussle will serve as the president/CEO of the new association – America’s Credit Unions – should the merger take effect.
“By bringing together these two powerful credit union associations we are doubling down on our commitment to ensure the growth and prosperity of all credit unions across the nation and the 137 million Americans they serve,” said Nussle. “We look forward to uniting CUNA and NAFCU in what will be an exciting new chapter ahead, and we’re thrilled about the opportunities this will create for our members, employees, and business partners.”
The Boards of Directors and Executive Committees of both CUNA and NAFCU voted unanimously in May to merge the two organizations. The merger will be subject to approval from the members of CUNA and NAFCU during a 60-day voting period, which is planned to begin later this month. Berger, who made the decision earlier this year to step aside to fulfill family obligations and pursue other opportunities, will remain at the association until year-end, working to bring the two organizations together and to ensure the merger is a success.
“Both CUNA and NAFCU have worked together over the years to achieve victories for the credit union industry, and now the sky is the limit. I believe this is the best path forward for the industry,” said Berger. “A new, singular association under Jim’s fervent leadership will be able to harness the combined talent of both organizations to provide outstanding value to our members and ensure every household in America has the best credit union to serve them.”
Should members approve of the merger, America’s Credit Unions will legally be established no earlier than January 2024, with the intent to be fully operational by early 2025. The new association will initially be governed by a 16-person Board of Directors. This Transition Board will include current board members from both CUNA and NAFCU, including members of each board’s executive committee.
By combining strengths into a single entity, America’s Credit Unions will be a highly influential and effective voice for credit unions in Washington, D.C., and, in partnerships with the Leagues, across all 50 states, Puerto Rico and Guam.
Additional details of the intent to merge, including a video message from Nussle and Berger and FAQs, can be found online. The associations will keep credit unions and other stakeholders informed throughout the process through frequent communications.