Amid a rapidly evolving financial ecosystem, historical changes are taking place in the landscape of Credit Unions in the United States. The two principal national credit union trade associations; the National Association of Federal Credit Unions (NAFCU) and the Credit Union National Association (CUNA), have overwhelmingly voted to merge and form a new organization. The resultant entity will be known as America’s Credit Unions.
Announced on August 1, the merger plan was put to vote among the organizations’ members. The recent voting results indicated a staunch support for the fusion with 94% of CUNA members and 86% of NAFCU members voting in favor of the merger according to a news release by CUNA.
The official legal existence of America’s Credit Unions is set for January 1, 2024. By consolidating their forces, NAFCU and CUNA aim to create a more united and powerful voice for Credit Union entities across the nation.
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