League Alert: CUNA, NAFCU Release Dues Proposal for Merger Transition
Credit Unions: We wanted to ensure you are aware of the communication sent today from CUNA and NAFCU that outlines the proposed membership dues structure should member credit unions approve a proposed merger of the two national trade associations.
Please be aware that a merger agreement/voting packet will also be sent to member credit unions of both organizations on Aug. 28. The voting period is set to begin that day (Aug. 28).
I previously communicated my support for the merger, but ultimately, Virginia’s credit unions will decide if the merger makes sense for their members and their organizations.
Should it be approved, a merger of CUNA and NAFCU would represent one of the most significant events in the last 25-plus years for our industry. With that in mind, your League is closely monitoring this merger process with an eye toward ensuring the voice of Virginia’s credit unions is heard regarding leadership, direction and service offerings.
I want to assure you that our priorities at your League will remain unchanged. We remain committed to promoting, protecting and strengthening Virginia’s credit union system. That means being your best advocate at the state and federal levels; your source for industry-best business solutions; and your premier resource for education, information and operational support.
Carrie R. Hunt
Virginia Credit Union League
Dues Details for America’s Credit Unions Sent to CUs
Gary Grinnell and Lisa Ginter, chairs of the NAFCU and CUNA Boards of Directors, respectively, sent members of CUNA and NAFCU an update on the proposed membership dues structure, should the merger to America’s Credit Unions be approved. They stressed “that creating a clear, effective dues structure is a top priority.”
“It’s important to reiterate that all decisions on this structure were driven by a shared commitment to the collective needs of our memberships,” Grinnell and Ginter wrote. “These decisions were made at the Board level, with input from both Jim Nussle and Dan Berger, in addition to outside legal consultants. Members of both CUNA and NAFCU Boards of Directors voted unanimously in support.
“We hope this clarifies many of your questions and underscores our prioritization of transparency. We truly believe the formation of America’s Credit Unions is an opportunity to better serve our collective membership, lead the industry into the future, and ensure the growth and prosperity of all credit unions. We encourage you to join us in voting in favor of this merger. The voting period is set to begin August 28, 2023.”
Existing credit union members will receive dues invoices from their respective association(s) later this year for 2024, which will be calculated using the same methodology in effect as of Dec. 31, 2023. The email to CEOs provides an additional breakdown of dues as CUNA and NAFCU transform into America’s Credit Unions, and the chart will also be available online.
Credit unions are encouraged to continue providing feedback on the proposed merger throughout the vote period.
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