An exciting week of conversations
Jim Nussle
Chief Executive Officer, AMERICA’S CREDIT UNIONS. Our mission is to advocate for and advance an environment where credit unions thrive.
With news of the proposed merger between CUNA and NAFCU public for more than a week, it’s been an exciting time for conversations, feedback, and simply listening on my part to stakeholders around the movement.
We announced the Transition Board that will serve for the next three years if the merger is approved, which will be chaired by current NAFCU Vice Chair (and Chartway Federal Credit Union President/CEO) Brian Schools. Current CUNA Chair (and CommunityAmerica Credit Union CEO) Lisa Ginter will serve as vice chair.
The Transition Board will take effect if the merger is approved, and the leadership of Brian, Lisa, and the entire Transition Board will be much appreciated throughout this transformation.
NAFCU President/CEO Dan Berger and I addressed the NAFCU all-staff meeting this week, and what stood out from the conversation was the mutual determination to make America’s Credit Unions into the trade association our movement—and members—need.
Dan and I also spoke at the Defense Credit Union Council’s 60th Annual Conference, sharing a vision of continued, but enhanced collaboration with DCUC and other important system organizations.
This includes exploring and deepening our relationships with Leagues and associations, who are crucial to our future successes as a movement.
America’s Credit Unions will not lose sight of the importance of the strong advocacy, unparalleled compliance support, and educational opportunities our members count on, and will endeavor to turn the best of both organizations into a single, powerful entity to lead our movement into the future.
I thought I’d use my message this week to also address a few of the most common questions I’ve heard:?
Are there any changes to my dues??
For 2024, we ask that credit unions continue to pay member dues to all national and state trade associations, as it is extremely important that our organizations continue to be funded appropriately regardless of the outcome of the member vote. Additional information on dues will be delivered in the voting packet delivered to members later this month.
What happens to my NAFCU or CUNA certification?
Both organizations currently have high quality professional development offerings, and our intent is to continue to serve your professional development needs throughout the merger process. Any active, unexpired designations and training earned during this time (including any recertifications), will be recognized by America’s Credit Unions if membership approves the merger.
Where will America’s Credit Unions be headquartered?
CUNA headquarters is currently in Washington, D.C., along with additional operations in Madison, Wis. NAFCU is currently headquartered in Arlington, Va., part of the Washington, D.C., metro area. The headquarters of America’s Credit Unions will be in the Washington, D.C., area.
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CUNA vice chair shares merger goals
Thank you to CUNA Board Vice Chair and Cornerstone League President/CEO Caroline Willard for her great op-ed detailing the numerous advocacy possibilities that come along with the proposed merger. She also provides great recommendations for all of us to keep top of mind throughout this process, including ensuring we preserve the connection and role of Leagues, which are integral to our success.
CUNA, Cornerstone League file motion to intervene on 1071 rule
We joined the Cornerstone League and Rally Credit Union, Corpus Christi, Texas, to call for credit union parity with banks by filing a motion to intervene in the U.S. District Court for the Southern District of Texas. The court issued a preliminary injunction exempting only American Bankers Association members from the Consumer Financial Protection Bureau’s section 1071 rule, which is an unfair competitive advantage. Our motion requests the court broaden its injunction to include all covered financial institutions.
Credit unions respond to Maui wildfires
The news out of Maui, Hawaii, this week is awful, and the National Credit Union Foundation is in contact with the Hawaii Credit Union League and Maui credit union CEOs to start processing disaster relief grants. The Foundation’s CUAid is always active and is here to support credit unions and employees affected by natural disasters.
CDFI Fund advisory board shares credit union concerns
I joined Dan Berger in issuing a joint statement thanking the Community Development Financial Institutions Fund advisory board for sharing our recommendations and concerns on proposed changes to the certification application. CUNA and NAFCU jointly submitted comments to the board before its most recent meeting, and the board agreed with our concerns over potential unintended consequences for communities served by CDFIs.