Chartway Federal Credit Union believes that one trade association should be representing the credit union industry for the purposes of clarity, consistency and on-point messaging. This is particularly important as it relates to the significant legislative and regulatory opportunities and challenges currently facing the industry.
Phil A. Richards
(757) 552-1000, ext. 43600
Virginia Beach, VA (January 29, 2013)—Chartway Federal Credit Union believes that one trade association should be representing the credit union industry for the purposes of clarity, consistency and on-point messaging. This is particularly important as it relates to the significant legislative and regulatory opportunities and challenges currently facing the industry.
During its recent strategic planning process, Chartway made the decision based on its value proposition to align with the Credit Union National Association (CUNA).
“We strongly believe that our industry should have only one voice to represent us, and we needed to evaluate which trade association best aligned with our value proposition in our business model,” said Ron Burniske, President and Chief Executive Officer of the $1.9 billion financial institution. “At this time, we have chosen to partner with CUNA.”
Burniske acknowledged that both CUNA and the National Association of Federal Credit Unions (NAFCU) demonstrate exceptional work; though, only one trade association is necessary to effectively represent the credit union industry.
Chartway hopes that its relationship with a single trade association will allow more focus to effectively be placed on items that are relative to credit unions of all sizes. Its intention is to create a proactive, concise single voice that will best represent the industry.
Citing the recent changes in the industry, including the decrease from more than 20,000 credit unions in 1984 to 7,000 credit unions currently, Burniske stated that the two trade association philosophy of the past is not the most effective and efficient model for the future of the industry.
Chartway hopes the decision will inspire conversation among other credit unions on unifying trade associations to benefit credit unions – which would ultimately be best for credit unions and their members.
About Chartway Federal Credit Union
Chartway FCU, a not-for-profit financial institution, has been serving members and families since 1959, building a service network that includes 64 branches in 10 states. Headquartered in Virginia Beach, VA, the credit union’s reach extends through Arkansas, Florida, Georgia, New Jersey, North Carolina, Ohio, Rhode Island, Texas, Virginia and Utah.
HeritageWest Credit Union and SouthWest Community Credit Union joined the Chartway family in 2010. Utah Central became part of the organization in 2011. Altogether, the organization has assets of more than $1.9 billion, and serves 230,000 members.