For several of us at the state level, we've experienced the best in federal representation as members of NAFCU. For many others, they've been waiting for that choice. As a federally insured, state-chartered credit union, I am proud to say that NAFCU is now here for all of us.
NAFCU has been a strong advocate for federally chartered credit unions for nearly half a century, so I'm thrilled that NAFCU will now fill this gap with their recent announcement of opening membership to all federally insured, state-chartered credit unions.
NAFCU formally announced the decision June 23 at their annual conference in Montréal. They called it a historic milestone that marked a new day for NAFCU, their membership and the industry — and I agree. Running a credit union is not easy. Whether federally or state-chartered, there are immense challenges and hurdles, specifically at the federal level. NAFCU is here to support and serve.
As you know, our industry and the marketplace are evolving; credit unions see a growing need for stronger advocacy at the federal level. I know my peers and I feel that need every day. NAFCU has heard this need, and is responding with action and, importantly, service to credit unions.
It's a step toward growth, and it's growth we're ready for because it will allow better advocacy, education and compliance assistance at the federal level. This is a natural need, and a natural evolution for NAFCU. This allows NAFCU to do an even better job of providing all credit unions with best-in-class representation — before the NCUA, the CFPB, and other key policymakers in Washington — on the issues that matter most.
The challenges of compliance and regulation we face seem far smaller and more easily achieved with a strong advocate by our side. I am thrilled to stand with NAFCU in their advocacy of our industry with one, strong, unified voice, and I encourage more state-chartered credit unions to join us.
Chief Executive Officer
Central Minnesota Credit Union