The Credit Union National Association (CUNA) and the National Association of Federally-Insured Credit Unions (NAFCU) have intended to merge and form America’s Credit Unions. When the transaction closes, Jim Nussle, President and CEO of CUNA, will serve as the President and CEO of the new association should the merger take effect.

The Board of Directors and Executive Committees of both CUNA and NAFCU voted unanimously in May 2023 to merge the two organisations. The merger will be subject to approval from the members of CUNA and NAFCU during a 60-day voting period, which is planned to begin later in August 2023. Officials from CUNA said that by bringing together these two powerful credit union associations they are doubling down on their commitment to ensure the growth and prosperity of all credit unions across the nation and the 137 million Americans they serve.

They look forward to uniting CUNA and NAFCU in what will be an exciting new chapter ahead, and they’re thrilled about the opportunities this will create for their members, employees, and business partners. Strengthening industry advocacy and innovation Expressing their views on the merger, NAFCU’s executive said that a new, singular association will be able to harness the combined talent of both organisations to provide outstanding value to their members and ensure every household in America has one of the best credit unions to serve them. Should members approve of the merger, America’s Credit Unions will legally be established no earlier than January 2024, with the intent to be fully operational by early 2025.

The new association will initially be governed by a 16-person Board of Directors. This Transition Board will include current board members from both CUNA and NAFCU, including members of each board’s executive committee. By combining strengths into a single entity, America’s Credit Unions will be a highly influential and effective voice for credit unions in Washington, and, in partnerships with the Leagues, across all 50 states, Puerto Rico, and Guam.

Both organisations 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 they respond to the banking challenges of the future, said CUNA. .