Gary Grinnell and Lisa Ginter, chairs of the NAFCU and CUNA Boards of Directors, respectively, sent members of CUNA and NAFCU an update on the proposed membership dues structure, should the merger to America’s Credit Unions be approved. They stressed “that creating a clear, effective dues structure is a top priority.”
“It’s important to reiterate that all decisions on this structure were driven by a shared commitment to the collective needs of our memberships,” Grinnell and Ginter wrote. “These decisions were made at the Board level, with input from both Jim Nussle and Dan Berger, in addition to outside legal consultants. Members of both CUNA and NAFCU Boards of Directors voted unanimously in support.
“We hope this clarifies many of your questions and underscores our prioritization of transparency. We truly believe the formation of America’s Credit Unions is an opportunity to better serve our collective membership, lead the industry into the future, and ensure the growth and prosperity of all credit unions. We encourage you to join us in voting in favor of this merger. The voting period is set to begin August 28, 2023.”
Existing credit union members will receive dues invoices from their respective association(s) later this year for 2024, which will be calculated using the same methodology in effect as of Dec. 31, 2023. The email to CEOs provides additional breakdown of dues as CUNA and NAFCU transform into America’s Credit Unions, and the chart will also be available online.
Credit unions are encouraged to continue providing feedback on the proposed merger throughout the vote period.