The Virginia Credit Union League board of directors voted to give their credit union members membership choice in their state league or CUNA, according to a prepared statement released Friday.
“After careful consideration of the issues involved and the comments we heard from member credit unions, we believe that providing choice in membership is in the best interest of our credit unions,” Karen Orie, chair of the Virginia League and president/CEO of the $28.4 million Hampton Roads Educators Credit Union in Hampton, Va., said. “With this change, and with approval of the changes proposed by the CUNA board of directors, our credit unions will have the option to join the Virginia League, CUNA or both associations.”
The Virginia League became the sixth league to publicly to allow membership optionality for its 128 affiliated members.
The board voted to revise the membership requirements in December. The revision took effect Jan. 1, and credit union members received a revised dues invoice from the Virginia League this week.
Membership requirements for the Virginia League are the purview of the league board, which means the board was able to eliminate the dual membership requirement without amending the league's bylaws or articles of incorporation, according to the prepared statement.
The Virginia League decided to offer membership choice after the CUNA board of directors' decision last month to approve 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.
The proposal will be presented to CUNA credit union members in early 2016 for approval, the organization said in a release.
“By providing membership options, the Virginia League Board is simply recognizing that the credit union system continues to evolve,” Virginia League President/CEO Rick Pillow said, who is also a CUNA board member. “Our board is firmly committed to maintaining interdependence between state leagues and CUNA, believing that we are stronger and more effective in advancing the system by working together, especially on the advocacy front. We trust that our credit unions understand the value and benefits of membership in both the Virginia League and in CUNA, and will maintain membership in both organizations.”
The boards for the Michigan Credit Union League, the League of Southeastern Credit Unions, the Ohio Credit Union League and the Carolinas Credit Union League voted last year to allow credit union members to join their state league without requiring them to join CUNA beginning in 2016.
The Georgia Credit Union League and the California and Nevada Credit Union Leagues are also considering whether to allow membership choice.
However, leagues that have publicly supported maintaining CUNA's dual membership requirement included the Utah Credit Union Association, the Wisconsin Credit Union League, the Cornerstone Credit Union League, the Mountain West Credit Union Association, the Northwest Credit Union Association, the Maine Credit Union League, the Credit Union Association of New Mexico and the Credit Union Association of the Dakotas.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
