Pierce said CUNA would consider candidates from both inside and outside of the credit union movement.

“We will be looking for leadership that can bring to bear the talents of the exceptional team that we have on board at CUNA now, and leverage the strengths of the three-tiered system of CUNA, Leagues and credit unions to achieve our goals and strengthen the movement,” Pierce said.

Pierce praised Cheney's accomplishments during his time with CUNA.

“Bill and his team this year planned and executed the most successful CUNA Governmental Affairs Conference ever, which drew more than 4,400 credit union supporters to rally and then deliver the credit union message to Capitol Hill,” Pierce said.

Cheney will take on a consulting role in the search for a new president/CEO, CUNA said.

“I take on this new role at SchoolsFirst knowing that, with the backing of the CUNA Board, the state Leagues, and CUNA staff, we have accomplished much. However, the work will continue without interruption,” said Cheney in the release. “Protection of our tax exemption, pursuit of regulatory relief, enhancing the charter and working toward achievement of a shared strategic vision – among other key issues — must proceed, with guidance from our board, partnership with the Leagues and efforts of our talented, professional staff.”