Two Large New Mexico CUs Disaffiliate From League
SANTA FE, N.M. – The $570 million Kirtland FCU and $1 billion New Mexico Educators CU have disaffiliated from the Credit Union Association of New Mexico and CUNA.
CUANM Chairman William Jacobs told Credit Union Journal the disaffiliations were due to long-standing political disagreements between the two CUs and the league, though he declined to enter into specifics.
At press time, representatives for New Mexico Educators and Kirtland FCUs did not return calls seeking comment. Both CUs posted positive net income for 2010.
In a letter to CUANM’s affiliated CUs, Jacobs wrote, “No association is going to be completely in agreement with all of the opinions of its members and never will. Disagreement is healthy when it is voiced, but disassociation for the good of a few is detrimental to all.”
CUANM caps its dues at $25,000 annually, meaning the association will lose $50,000 in annual revenue. However Jacobs said that the league is well capitalized and will not be making any changes as a result.
“As long as we’re united, we have a very strong voice across the nation,” said Jacobs. “Once we start dividing, we weaken the group. There’s no other way to say it.”