On August 1st, the Credit Union National Association (CUNA) and the National Association of Federally-Insured Credit Unions (NAFCU) announced their intent to merge the two organizations. The merger of the two largest credit union trade associations would result in the creation of a new organization, America’s Credit Unions.
As part of the merger, Jim Nussle, President and CEO of CUNA, will serve in the same capacity for the new association. Dan Berger, the President and CEO of NAFCU, had earlier this year announced his intent to step aside from the organization ending his time with NAFCU at year-end.
In the announcement, Nussle said: “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. 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.”
While the boards of directors and executive committees of the two organizations voted unanimously to approve the merger, it is still subject to approval from the members of both organizations. As we dig a little deeper into the merger and the initial response, let’s first touch on what exactly a trade association is and how CUNA and NAFCU started.
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