Bill Cheney's decision to joinSchoolsFirst Federal Credit Union as CEO was unexpected, butunderstandable. He returns to California to guide the fifth-largestcredit union in the country, doing something he relishes: Improvingthe financial lives of credit union members and their families.

Bill will move on to SchoolsFirst with credit unions – and CUNA– in solid, strong positions:

• We are on the cusp of 100 million memberships nationwide – anumber attained after surging growth over the past three years andthe best in 12 years.
• We’ve left the recession in the dust – lending is back ontrack, savings are growing, and net worth is on a path to matchpre-recession levels.
• We’ve had a very big win recently in the Congress: In the firstmajor tax reform proposal unveiled, no changes were made – or evensuggested – to the credit union tax exemption. That's not smallpotatoes, especially considering that more than 200 other groupswere hit by the plan – including the nation's largest banks.
• We’ve had important regulatory improvements including betterexam guidance on DoRs, a revised loan participations rule and arevamped derivatives rule, along with a more workable approach totroubled debt restructurings.
• The credit union movement is energized: Our biggest crowd ever– 4,400 strong – traveled to Washington to attend our GovernmentalAffairs Conference just last month. Credit union advocates fannedout over Capitol Hill (“They were everywhere,” we heard from morethan one source) driving home the messages of “don't tax my creditunion,” relieve the regulatory burden, and help us enhance thecredit union charter.
• CUNA is coming off one of its most successful years everfinancially and operationally.

In short: Bill returns to California having left your nationaltrade association in a very good position indeed. But he's alsomade it clear – to myself and my CUNA board colleagues, as well asthe CUNA staff – that sitting still is not an option. He counselsfull steam ahead – and we are taking his wise words to heart.

Working with the leagues, CUNA will continue on its course ofaction for credit unions: Protecting, reducing the regulatoryburden and helping prepare for the future – all through our primaryrole of advocating on credit unions’ behalf.