The Credit Union National Association (CUNA) and the National Association of Federally-Insured Credit Unions (NAFCU) plan to merge and form a new organization called America’s Credit Unions.
The boards of directors and executive committees of the country’s two leading credit union associations voted unanimously in May for the merger. The merger is subject to approval from members of CUNA and NAFCU during a 60-day voting period, which is planned to begin later this month.
“By bringing together these two powerful credit union associations, we are doubling down on our commitment to ensure the growth and prosperity of all credit unions across the nation and the 137 million Americans they serve,” CUNA President and CEO Jim Nussle said in a release. “We look forward to uniting CUNA and NAFCU in what will be an exciting new chapter ahead, and we’re thrilled about the opportunities this will create for our members, employees, and business partners.”
Should the merger go forward, Nussle would serve as president and CEO of America’s Credit Unions. NAFCU President and CEO Dan Berger, who announced his plans earlier this year to step down, will remain at the association until the end of the year, working to bring the two organizations together.
“Both CUNA and NAFCU have worked together over the years to achieve victories for the credit union industry, and now the sky is the limit. I believe this is the best path forward for the industry,” Berger said. “A new, singular association under Jim’s fervent leadership will be able to harness the combined talent of both organizations to provide outstanding value to our members and ensure every household in America has the best credit union to serve them.”
If the merger is approved, plans call for America’s Credit Unions to be established no sooner than January 2024 and be fully operational by early 2025. The new association will initially be governed by a 16-person transition board of directors made up of board members from both CUNA and NAFCU, including members of each board’s executive committee.
“Both organizations have worked together to achieve great victories for the industry. This merger will provide the opportunity to innovate and strengthen the credit union industry as we respond to the banking challenges of the future,” CUNA Board of Directors Chair Lisa Ginter said.
“We have the utmost respect for both associations and their employees and look forward to working together as we integrate the two organizations to best support the credit union industry,” NAFCU Board of Directors Chair Gary Grinnell said. “We appreciate Dan’s relentless focus on growing NAFCU and serving its members with aggressive advocacy and ‘extreme member service,’ and wish him much luck in his future endeavors.”