On Aug. 9, the National Association of Federal Credit Unions (NAFCU) Board of Directors announced that it unanimously voted to amend NAFCU's Articles of Incorporation to give federally insured, state-chartered credit unions full membership and reinforce NAFCU's focus on federal issues. If approved, state-chartered NAFCU members would have full voting rights and be eligible to vote on all NAFCU matters, including elections. In addition, full membership would allow state-chartered members to run for and serve on the NAFCU Board of Directors. The Board also amended NAFCU's Articles of Incorporation to require a focus on federal issues.
The NAFCU Board made the decision to bring this vote to the membership because it was in the best interests of our members and the industry. Representing and working with more credit unions increases our effectiveness in Washington, D.C. on behalf of all of our members. The decision to offer our federally insured, state-chartered credit union members the opportunity to vote and sit on the board does not impact our mission to deliver the best in federal advocacy, education and compliance assistance to our members.
Indeed, a federal focus was the very reason NAFCU was created in 1967. For almost 50 years, NAFCU has represented credit unions nationwide before policymakers and regulators in Washington. Today, that work keeps us in front of Congress, the National Credit Union Administration, the Consumer Financial Protection Bureau and other regulators and executive offices whose actions affect our industry at the federal level. Having led the fight for federal share insurance for credit union members, NAFCU has long recognized that its advocacy efforts at the federal level have an impact on all credit unions, both federal and state-chartered.
The voting window is a required 30 days, running from Aug. 10, 2016, to Sept. 9, 2016. The entire NAFCU Board and I encourage NAFCU members to vote for this initiative because it is a win-win proposition. It will solidify NAFCU's voice and representation, and affords all federally insured NAFCU members full voting rights and the ability to vote on all NAFCU matters, including elections.
In the end, we believe extending the full benefits of NAFCU membership to all federally insured credit unions is a natural evolution of NAFCU's mission and honors the meaning behind the credit union industry mantra of "one member, one vote." This move will further strengthen our effectiveness as an industry against the increasing market competition and legislative and regulatory challenges that threaten a prosperous future for credit unions.
Richard L. Harris is president and CEO of Caltech Employees Federal Credit Union and chair of NAFCU.
