CUNA approves changes to bylaws

Membership of the Credit Union National Association in March voted overwhelmingly to approve modernization of the organization’s bylaws. The changes create a new, open membership model for CUNA and give the board of directors greater ability to maintain a fair dues formula and board structure, according to a news release.

More than 90% voted in favor of the changes, with more than 2,200 credit unions, or roughly 43% of the membership, participating.

“This is a tremendous victory for credit unions,” CUNA President/CEO Jim Nussle said in the release. “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.”

In an open letter to credit union leaders on the CUNA website, Board Chairman Rod Staatz said,“Clearly, there was strong support for these changes, and I believe that this voting process has demonstrated our commitment to meeting the needs of our membership. What’s more, this new membership model will help us build an even stronger, more effective and more united credit union system.”

As a result of the vote, the change eliminates the dual membership requirement for CUNA members. The new bylaws would give credit unions the option of becoming members of CUNA or their respective state league, or members of both organizations. Coordination with the state leagues for the 2017 dues cycle is underway.

“While we support credit union choice, we maintain our position that the best choice is dual membership,” Staatz said in the letter. “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.”

In a December letter to credit unions, then CUNA Board Chairwoman Susan Streifel said the new bylaws would leave operating details to board policy, while streamlining and clarifying the bylaws. In addition to the new open membership model, Streifel said other major priniciples of the bylaws include a fair dues structure to be set by the board with the intention of reducing the rates as credit union assets grow, and flexibility to reduce the size of the board, which is expected to remain at 24 for the foreseeable future.

By |2019-11-25T08:30:31-06:00May 19th, 2016|Financial Services|0 Comments

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