US credit union associations CUNA and NAFCU announce merger to form America’s Credit Unions
The Credit Union National Association (CUNA) and the National Association of Federally-Insured Credit Unions (NAFCU) have announced their intent to merge to create America’s Credit Unions, a “highly influential and effective voice for credit unions” across the US.
CUNA plans to merge with NAFCU to create America’s Credit Unions
The unification of CUNA and NAFCU, two of the US’ most prominent credit union associations, is intended to further promote the interests of their members and the 137 million Americans they serve within policymaking, lobbying and regulation.
A decision was first reached in May by both parties’ boards and executive committees to go ahead with the merger. A 60-day voting period for members to approve the action is expected to begin later this month.
Should the merger be approved, the newly created association is not expected to be legally established any earlier than January of next year, and won’t be fully operational until early 2025.
CUNA’s president and CEO, Jim Nussle, has been named as America’s Credit Unions’ new president and CEO. “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,” he said.
Nussle will lead a 16-person transition board of directors, consisting of both parties’ current board members and their executive committees.
Dan Berger, president and CEO of NAFCU, has announced his decision to step down from his position “to fulfill family obligations and pursue other opportunities”, but will remain at the association until the end of the year.
“I believe this is the best path forward for the industry,” Berger adds. “A new, singular association under Jim’s fervent leadership will be able to harness the combined talent of both organisations to provide outstanding value to our members and ensure every household in America has the best credit union to serve them.”
