The CUNA board of directors Thursday approved revising the trade's bylaws to eliminate the dual membership requirement, expand CUNA membership to include individuals and organizations in the industry and potentially reduce the size of the board.
"While the board strongly believes in an interdependence model – one in which CUNA is working in concert with our league partners on behalf of credit unions – we also believe that the time is now for CUNA to change and modernize its bylaws in response to the evolving needs and demands of our credit union members," CUNA Board Chairwoman Susan Streifel said. "A key component of that change will be to institute bylaws that accommodate membership optionality, or choice, while also strengthening the ability of CUNA and the leagues to work together as credit unions' strongest advocates."
The proposal will be presented to CUNA credit union members in early 2016 for approval, the organization said in a release.
"To be clear: Modernizing our bylaws and, as part of that, our membership structure, does not mean that our principles have changed. In fact, quite the opposite is true. An interdependent system in which CUNA and the leagues work together – strategically and forward-looking – remains unmatched," Streifel said. "If approved by member credit unions, the new bylaws would give the board the authority to implement changes in order to be more nimble and effective in serving credit union interests."
The board also approved changes to CUNA's dues structure, with the intention of reducing rates as credit union assets grow. As a result, credit unions would pay almost 7% less than they would have under the current formula, Striefel said. Total CUNA dues receipts will be less than in 2015, she added.
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