MADISON, Wis. -
More than 40,000 CMIS policyholders voted on the merger and the change of domicile proposal that would base the merged entity out of Iowa instead of Wisconsin, with 93% approving both proposals.
The CMIS-CMLIC merger will also require approval of CMLIC policyholders. CUNA Mutual's Board of Directors is expected to take action at its June 2007 meeting to recommend the merger to CMLIC policyholders.
Even as the process moves forward, however, the Office and Professional Employees International Union continues to oppose the merger, having created a website lambasting the proposals, e-mailed more than 100 credit union CEOs urging them to join the fight, and requested a list of policyholders so it can better communicate with other stakeholders on the issue.
CUNA Mutual Group's Jim Bucheim said that although the number of questions the firm has fielded from credit unions increased after the OPEIU launched its opposition effort, the effect has not been "overwhelming. "Between Jeff Post and others in the organization, we responded directly to each phone call or e-mail. Many of the credit unions who we sent information to expressed appreciation for our quick response-and the clarification we provided," he told Credit Union Journal. "We must say we're confused by the OPEIU opposition. The company has proactively communicated with local union leaders during this process-consistent with efforts by both the company and OPEIU Local 39 to improve communication and collaboration. While demutualization was raised as a concern, the company clearly articulated that the proposals are not about demutualization. Further, we stressed the company has no plans to demutualize. Based on those face-to-face discussions, we didn't believe there were issues or concerns."
