FOR IMMEDIATE RELEASE
Contact: Vicki Christner – CUNA Communications; 202-508-6754; email@example.com
Washington, DC (December 10, 2015) – Today the CUNA Board of Directors voted to present the membership with a major revision of CUNA’s bylaws that would modernize the association’s structure to best serve the needs of credit unions. The Board will now begin the process of drafting new bylaws that are expected to be presented to the membership in early 2016.
CUNA president/CEO Jim Nussle said today’s actions will mean changes are in store for CUNA. “The Board’s vote today shows recognition to the fact that new market forces and increasing expectations demand more direct accountability between credit unions and CUNA. That interdependence stands for a united system that is the best advocate for credit unions, not mandated linked membership. That change is all around us, and CUNA is going to be part of it. Ultimately, I aim to position CUNA and our system for a stronger, interdependent and united future by delivering greater value, accountability and advocacy success.”
In a letter to all credit unions, CUNA Board of Directors Chairwoman Susan Streifel said, “While the Board strongly believes in an interdependence model – one in which CUNA is working in concert with our League partners on behalf of credit unions – we also believe that the time is now for CUNA to change and modernize its bylaws in response to the evolving needs and demands of our credit union members. A key component of that change will be to institute bylaws that accommodate membership optionality, or choice, while also strengthening the ability of CUNA and the Leagues to work together as credit unions’ strongest advocates.”
See Chairwoman Streifel’s full letter below:
As Chairwoman of Credit Union National Association (CUNA), I'd like to report on a significant meeting of the CUNA Board of Directors that concluded earlier today. In addition to approving a 2016 budget and reviewing CUNA's 2015 advocacy accomplishments, the Board voted to present the membership with a major revision of CUNA's bylaws that would modernize our structure to enable us to best serve the needs of our credit union members.
The Board's action regarding CUNA's bylaws reflects a changing marketplace in which Leagues and credit unions are moving in various ways regarding membership optionality. As a member-driven organization, CUNA must adapt and evolve to accommodate this changing marketplace.
The 2016 budget provides funding for CUNA to execute on an aggressive advocacy agenda, and also includes a dues reduction for member credit unions. Next year, credit unions will pay on average almost 7% less than they would have under the current formula, and total CUNA dues receipts will be less than in 2015.
The major advocacy accomplishments spearheaded by CUNA and the Leagues over the last year include a vastly improved final RBC rule; favorable MBL and field of membership proposals from NCUA; enactment into law of long-sought legislation easing privacy notice requirements, chipping away at the CFPB's Qualified Mortgage rule; and allowing privately insured credit unions access to Federal Home Loan Banks.
It is the proposed bylaws changes, however, that I would like to highlight as they are absolutely critical to CUNA's future.
While the Board strongly believes in an interdependence model – one in which CUNA is working in concert with our League partners on behalf of credit unions – we also believe that the time is now for CUNA to change and modernize its bylaws in response to the evolving needs and demands of our credit union members. A key component of that change will be to institute bylaws that accommodate membership optionality, or choice, while also strengthening the ability of CUNA and the Leagues to work together as credit unions' strongest advocates.
The proposed revisions would focus on major principles and would leave operating details to Board policy – all while streamlining and clarifying this important document.
The major principles of the proposed new bylaws would include:
To be clear: Modernizing our bylaws and, as part of that, our membership structure, does not mean that our principles have changed. In fact, quite the opposite is true. An interdependent system in which CUNA and the Leagues work together – strategically and forward-looking – remains unmatched.
If approved by member credit unions, the new bylaws would give the Board the authority to implement changes in order to be more nimble and effective in serving credit union interests.
I have tasked CUNA's Corporate Governance Committee with drafting these new bylaws. After the board approves them, please be on the lookout early in 2016 for complete information on the new bylaws and your opportunity to vote on them.
Please reply to this message if you have any questions or comments.
CUNA Board of Directors
With its network of affiliated state credit union leagues, Credit Union National Association (CUNA) serves America's credit unions, which are owned by more than 100 million consumer members. Credit unions are not-for-profit cooperatives providing affordable financial services to people from all walks of life. For more information about CUNA, visit www.cuna.org or follow @CUNA on Twitter. For more information about credit unions, visit www.aSmarterChoice.org and follow @asmarterchoice on Twitter.