Layoffs Announced at America’s Credit Unions Impacting at Least 25% of Workforce

America’s Credit Unions announced it is implementing layoffs that will impact 25-30% of the 320 employees at the newly-merged organization.

In a Jan. 12 filing with the Wisconsin Department of Workforce Development, officials with America’s Credit Unions stated the reason for the layoffs is “a result of a recent merger and forecasts of business needs going forward.”

Additionally, the layoffs will impact employees in Virginia, Washington, D.C., Wisconsin and other “various remote locations reporting to those three states” including employees at the Madison, Wis., office.

CU Times reached out to America’s Credit Unions for comment and clarification to a number of questions, including what departments will see reductions and how many employees affected by the layoffs are former CUNA or NAFCU employees. While our questions weren’t answered, CU Times received the following statement:

“As we transform to America’s Credit Unions and plan to be fully operational in early 2025, Wisconsin law requires notice when a reduction in a state-based business’ workforce may take place. Aside from our Executive Leadership Team, there have been no personnel decisions made at this time. The association is committed to treating all employees fairly and with respect, while remaining good stewards of our membership dues, throughout this transformation process,” an America’s Credit Unions spokesperson said.

In December, America’s Credit Unions President/CEO Jim Nussle announced the new executive leadership team. The team includes the following:

• Jill Tomalin is EVP for America’s Credit Unions and oversees membership and engagement, communications and marketing, operations and finance, and association services.
• Carrie Hunt will serve as chief advocacy officer. She currently serves as president/CEO of the Virginia Credit Union League. The Virginia League said Hunt will leave her current position to serve at America’s Credit Unions beginning March 1, 2024.
• Anthony Demangone is chief membership and engagement officer.
• Eddie Rivera is COO and CFO.
• Meghan Burris Small is chief communications and marketing officer.
• Todd Spiczenski is chief association services officer.

Last year, America’s Credit Unions (formerly CUNA) moved its Madison, Wis. headquarters out of the space it had shared with TruStage (formerly CUNA Mutual Group) into a new building on the city’s west side, which had roughly 150 employees.

It remains unclear how many employees at each location will be impacted by the layoffs.

According to the filing, America’s Credit Unions officials “notified the potentially affected workers” on Jan. 12 and layoffs are expected to begin in March and continue through July 2024.

America’s Credit Unions Chief Corporate Counsel Susan Parisi wrote in the letter to the Wisconsin Department of Workforce Development that some of the employees affected by the layoff notice are “represented employees” and the organization has notified the president of OPEIU Local 39.

“Those employees who are in the collective bargaining unit have bumping rights under the collective bargaining agreement with the company,” the letter read.

Andy Sernatinger, spokesperson for OPEIU Local 39 in Madison, Wis., confirmed that the union had been notified of the pending layoffs.

In a statement to CU Times, Sernatinger said, “This no doubt is the source of much anxiety among our members and represented staff. OPEIU 39 is working diligently to get information from management about this announcement, and we are fighting to protect our members as best as we are able.”

Sernatinger said exact numbers of impacted employees and their positions have not been communicated to the union as of Thursday.

“Layoffs are a mandatory subject of bargaining between unions and employers,” he said. “OPEIU 39 requested information regarding the positions America’s Credit Unions intended to include in this layoff. As of this morning, management responded that they will not have that information until later this Spring. We are in the process of educating the membership about their rights under the contract and deliberating with the unit regarding actions to be taken.”

America’s Credit Unions’ letter stated final layoff decisions haven’t been made. “The layoff may affect all job titles and decisioning on individuals affected has not been finalized. The company will supplement this notice as additional information becomes available,” the letter stated.

The story was first reported by InBusiness Magazine in Madison, Wis.

The merger between CUNA and NAFCU to create America’s Credit Unions became legal on Jan. 1, 2024.

READ MORE: America’s Credit Unions letter to the Wisconsin Dept. of Workforce Development.