Credit Union National Association

From Wikipedia, the free encyclopedia
Jump to: navigation, search
Not to be confused with CUNA Credit Union, a defunct credit union based in Madison, Wisconsin

The Credit Union National Association, commonly known as CUNA (pronounced "Cue-Nuh"), is a national trade association for both state- and federally chartered credit unions located in the United States. CUNA provides member credit unions with trade association services, such as lobbying, regulatory advocacy, professional development, and professional services management. The organization operates out of its headquarters in Washington, D.C., and an operations center in Madison, Wisconsin. The association's interim president and chief executive officer is Bill Hampel,[1] and in September 14, 2014 it was announced that Jim Nussle had been appointed president and CEO.[2]

Services and support[edit]

In order to qualify for benefits and services from CUNA, a credit union must first be a member of its local state credit union league.

CUNA is supported through dues paid by credit unions through their local league dues and fees generated from services provided. CUNA has previously operated a for-profit "CUNA Services Corp." However, many of the pass-through services, such as credit card processing and individual retirement account (IRA) administration, have been sold to other vendors.

CUNA also houses six CUNA Councils - national organizations for credit union professionals. Run by and for credit union professionals, Councils target their networking, information and programs to key areas of credit union management.

Employees and locations[edit]

CUNA employs approximately 70 people in its Washington, D.C. office as well as several hundred people in its Madison, Wisconsin office. The Madison campus is also the headquarters of CUNA Mutual Group, the World Council of Credit Unions, and the National Credit Union Foundation.

Advocacy[edit]

On December 4, 2013, Rose Bartolomucci testified before the United States House Financial Services Subcommittee on Financial Institutions and Consumer Credit on behalf of CUNA in favor of the bill To amend the Federal Home Loan Bank Act to authorize privately insured credit unions to become members of a Federal home loan bank (H.R. 3584; 113th Congress).[3] The bill H.R. 3584 is a bill that would amend the Federal Home Loan Bank Act to treat certain privately insured credit unions as insured depository institutions for purposes of determining eligibility for membership in a federal home loan bank.[4] Bartolomucci emphasized that the bill does not guarantee membership to individual credit unions, but only the right to apply for membership. Bartolomucci argued that being able to join the Federal Home Loan Bank System would allow credit unions to better serve their members by providing them with additional liquidity.[3] Bartolomucci also made historical arguments about why credit unions should be eligible.

CUNA supported the Credit Union Share Insurance Fund Parity Act (H.R. 3468; 113th Congress), a bill that would expand federal deposit insurance to include Interest on Lawyer Trust Accounts (IOLTAs) and similar escrow accounts housed within credit unions.[5][6] The CUNA said that "this legislation is necessary because the National Credit Union Administration (NCUA) has interpreted that the Federal Credit Union Act does not permit it to extend such coverage."[6] CUNA President Bill Cheney said that the bill "would reduce credit unions regulatory burden and help them better serve their members."[7]

See also[edit]

References[edit]

  1. ^ "Bill Hampel Named Interim President, CEO of CUNA Effective June 11" (Press release). CUNA. May 8, 2014. Retrieved 2014-06-13. 
  2. ^ Raab, Marian (September 9, 2014). "CUNA Picks Former Congressman As New Chief Executive". Credit Union Journal. Retrieved September 9, 2014. 
  3. ^ a b Bartolomucci, Rose (4 December 2013). "Testimony of Rose Bartolomucci on behalf of the Credit Union National Association". House Financial Services Committee. Retrieved 5 May 2014. 
  4. ^ "H.R. 3584 - Summary". United States Congress. Retrieved 4 May 2014. 
  5. ^ "CBO - H.R. 3468". Congressional Budget Office. Retrieved 4 May 2014. 
  6. ^ a b "CUNA’s letter in support of three House bill’s tomorrowf". Credit Union National Association. 5 May 2014. Retrieved 6 May 2014. 
  7. ^ Ballasy, Nicholas (5 May 2014). "Reg Reliefs Bills Slated for House Votes". Credit Union Times. Retrieved 6 May 2014. 

External links[edit]