More than 90% of the membership of the Credit Union National Association (CUNA) have voted in favor of a bylaws amendment that allows credit unions to choose whether to belong to both their respective state leagues and the national association.
For years, credit unions could not choose to belong only to CUNA or only to their state/regional group, which has long been a sticking point for credit unions.
More than 2,200 credit unions, representing more than 43% of the membership, participated in the ballot.
Though CUNA's board had initially been against making the change, which had been recommended by a task force appointed to study the association's governance and membership structure, the trade group's CEO hailed the vote as a significant win.
"This is a tremendous victory for credit unions. I am grateful to our members for this strong vote of confidence in CUNA and embracing a modern, national trade association model that will help us build an even stronger, more effective, and more united credit union system," said CUNA President and CEO Jim Nussle in a statement. "This new membership model allows us to enhance and build upon our already strong inter-dependence with the [credit union] leagues. Interdependence has helped us serve the best interests of credit unions for many years."
The move comes after a number of state leagues had already indicated they would allow credit unions to join without requiring that they also be CUNA members.
"I believe that this voting process has demonstrated our commitment to meeting the needs of our membership," said Rod Staatz, CUNA board chairman and president and CEO of State Employees CU, a $3-billion institution based in Linthicum, Md.
In a separate note to members, Staatz said that while CUNA supports credit union choice, "we maintain our position that the best choice is dual membership. We wholeheartedly believe that CUNA/League interdependence is the best way forward for the credit union movement, as do many of the leagues that have already approved optionality for their members."
