Members of the two main credit union associations in the USA – the Credit Union National Association (Cuna) and the National Association of Federally-Insured Credit Unions (Nafcu) – have voted to approve the merger of the two organisations to form America’s Credit Unions.
In May the board of directors and executive committees of both organisations voted unanimously to merge, but the move still needed approval from members. CUNA and NAFCU officials said 94% of CUNA members and 86% of NAFCU members who voted were in favour of the merger.
Nafcu president and CEO Dan Berger, who announced his intention to step aside earlier in the year, will remain at the association until year-end, to ensure a smooth transition. Jim Nussle, president and CEO of Cuna, will serve as president and CEO of the new association.
In a statement, Nussle said: “I’d like to thank our credit union members who have been engaged throughout this merger process – asking tough questions, holding us accountable, and helping us plan for the future. I am incredibly humbled to lead this new organisation and fight for a stronger credit union industry. Your needs will remain our priority as we embark on this transformation over the next several months.”
Berger added: “This successful vote is a monumental moment for the credit union industry. With Jim at the helm, supported by the board of directors’ expertise and leadership, I am confident America’s Credit Unions will prove to be a successful, innovative and service-first association that will elevate the industry well into the future.”
The new association aims to be fully operational by early 2025. America’s Credit Unions will initially be governed by a 16-person transition board of directors, which will include current board members from Cuna and Nafcu.