Credit Union of Colorado Leaves CUNA
The $1.2 billion Credit Union of Colorado has become the latest to leave CUNA, the credit union’s CEO confirmed today.
Terry Leis made it clear that the cooperative’s dissatisfaction had not been with CUNA, but with the local Mountain West Credit Union Association, which represents credit unions in Arizona, Colorado and Wyoming.
“We should be clear that our problem was not with CUNA,” Leis said. “It had to do with the local association and the value proposition there.”
The association's 2013 media kit also reported that 91% of Arizona credit unions belong to the association, as well as 74% of Colorado credit unions and 70% of credit unions in Wyoming.
Leis said CUNA CEO Jim Nussle had reached out in a genuine and sincere way to get the credit union to remain, but in the end Leis said the value proposition was not there.
Leis reported that, between the two organizations, the credit union paid almost $100,000 in dues.
“There is no question we are disappointed that Credit Union of Colorado has chosen not to remain members of the Association," the Association said in a statement about the departure. "They are a great credit union and when we fail to communicate the value of Association membership, we lose their voice and work in our cooperative efforts. For example, last month, a damaging interchange bill was introduced at the Colorado State Capitol."
Mountain West also cited an instance where the association had perfomed a vital service for its member credit unions.
"Our Association put together a strong grassroots opposition engaging member credit unions. Because of this strong cooperative effort, the bill was overwhelmingly defeated. Affiliation isn’t just about the money to support the Association, it’s about credit unions coming together for the good of the movement. Credit Union of Colorado’s help and leadership in these types of efforts is what will be missed. In addition to our work at the legislature, the Association offers training programs, support in compliance, advocacy with regulators, and our foundation to assist credit unions in reaching their goals."
"We will still continue to fight for and serve all credit unions throughout Colorado, Arizona, and Wyoming at all levels of government. And, we will continue to provide quality education, training and resources for our Association members," the association concluded.