WASHINGTON -- It would be the credit union movement equivalent of the Boston Red Sox and New York Yankees joining forces. Saying that the credit union movement would be better represented with one voice, the CEOs CEOs of six large credit unions are urging the boards of CUNA and NAFCU to begin merger talks.
"We now believe that the old system of two lobbying organizations no longer works in the best interest of our credit unions. It seems to us that the oppositional stands of each organization to the other is counterproductive and has likely led to instances where decisions are made in order to give one organization a leg up in the battle for credit union support, rather than a logical decision that is in the best interest of credit unions," the CEOs wrote to the boards of CUNA and NAFCU in May.
Representatives of the group, whose spokesman is Kirk Kordeleski, president/CEO of $2.3 billion Bethpage Federal Credit Union, met with the boards of both organizations at their annual meetings this summer. CUNA Chairman Tom Dorety, president/CEO of Suncoast Schools FCU, said CUNA was open to such talks while NAFCU Chairman Brad Beal, president/CEO of Nevada FCU, said NAFCU was not.
All the CEOs run credit unions that are members of both trade associations.
In the CEOs' letter, which was accompanied by a white paper spelling out their arguments, they said "if a merger conversation cannot be successfully completed, our credit unions may be forced to withdraw from one of the trade organizations."
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