Congrats All Around: CU Leaders Praise CUNA, NAFCU Merger News
From emails to social media, credit union officials share their comments about the merger vote.
It appeared by the evening hours of Nov. 1 that the fate and the future of CUNA and NAFCU was obvious – the vote by members to merge was an overwhelming “Yes!”
Of those who voted, 94% of CUNA members and 86% of NAFCU members agreed to join the two organizations together to create America’s Credit Unions.
With such a lopsided result in favor of the merger, it’s no surprise that the comments from credit union leaders around the country praised the voting results.
Less than an hour after the results were announced Thursday morning, the American Association of Credit Union Leagues (AACUL) congratulated the team at America’s Credit Unions as well as credit unions nationwide for supporting the merger.
“We look forward to standing alongside America’s Credit Unions, as we work together to continue to protect and advance a vibrant credit union system,” AACUL Chairman and Dakota Credit Union Association President/CEO Jeff Olson said. “The League System is excited to move into the future with a single national trade association; credit unions and members alike will benefit from a more unified voice which will strengthen our advocacy efforts and increase the overall impact of the collective work of the League System and America’s Credit Unions.”
Virginia Credit Union League President/CEO Carrie Hunt, who served as a NAFCU executive for many years, released the following statement:
“The coming formation of a new national credit union trade association represents a singular opportunity to leverage the strengths of both CUNA and NAFCU in order to advance our industry. A single national trade association promises dues-paying credit unions operational efficiencies, economy of scale and a unified voice on the advocacy front.
“We are all keenly aware of the challenges we face as an industry,” Hunt said. “We are excited about the promise of America’s Credit Unions and its potential to help us navigate those challenges and help drive success for the whole of our industry. From the perspective of your League, we remain committed to partnerships that strengthen credit unions and advance our mission. As the ‘America’s Credit Union’ association takes shape, we’ll work to ensure Virginia’s credit unions have a voice in its direction, leadership and service offerings.”
Hunt added, “We believe our industry is made stronger and more resilient by collaboration and a shared commitment to credit unions’ success. Your League looks forward to working with your credit union, our fellow leagues and America’s Credit Unions in continuing that proud tradition of collaboration and cooperation. Ultimately, we all share the same vision for a thriving and diverse credit union industry.”
On LinkedIn and Facebook, comments made on the CUNA and NAFCU pages were all supportive.
President/CEO of the Defense Credit Union Council, Anthony Hernandez, posted that his organization “looks forward to working with the new organization in a collaborative manner so that military and veteran focused credit unions continue to have a voice going forward.”
Maryland & DC Credit Union Association President/CEO John Bratsakis wrote, “Congratulations! MDDC Credit Union Association looks forward to continuing our partnership and collaboration to move credit unions forward. Great work B. Dan Berger and Jim Nussle.”
CUES President/CEO Heather McKissick posted, “Such an amazing, unifying event for credit unions and partners everywhere! Thank you for your leadership!”
Many, many posts by credit union leaders simply stated, “Congratulations!”
In addition, CUNA and NAFCU released statements from members of America’s Credit Unions Transition Board of Directors.
“As credit union leaders, we are aware of the challenges facing our industry, but also the incredible opportunities each of our institutions have to improve people’s lives,” Brian Schools, president/CEO of Chartway Federal Credit Union and chair of America’s Credit Unions Transition Board of Directors, said. “I am confident that America’s Credit Unions will empower the industry with the advocacy, education and training, and compliance assistance needed to make the most of these opportunities and tackle challenges head on.”
Vice Chair of America’s Credit Unions Transition Board of Directors and President/CEO of CommunityAmerica Credit Union, Lisa Ginter, said, “The transformation to America’s Credit Unions is the epitome of the cooperative spirit of the credit union industry. From the start, this merger has been about doing what’s best for the future of our industry and bolstering the individual success of our institutions through our collective strength. I am excited to show the country the full force of the credit union difference.”
America’s Credit Unions will legally be formed Jan. 1, 2024, and, according to CUNA and NAFCU, the new association will spend the next several months aligning products and services. The association will provide credit unions with regular updates on the transformation process.