How do I feel about this change? Well, since you didn't ask, I'll tell you. I feel good about it. Moving on from print will allow our team to focus on new digital formats and delivery methods that the majority of our readers want and need. CU Times isn't going away. We are evolving, just like you in your credit union jobs, to give our lovely readers and subscribers a better, broader and deeper news experience. Did our owners tell me to say that? Nope.

We have already launched a digital and monthly "Executive Briefing" that you can sign up for. We have plans in 2024 for a number of things I can't announce just yet, but you will be seeing and hearing a lot more of us as we move forward.

I've been heavily involved in this transition away from print and what's coming is pretty great.

If you want to read a bit more about the changes, check out Natasha's column on page four. Turn the page!

Speaking of that, let's move on to a few items.

The NCUA's proposed 2024-2025 budget is (clears throat) a lot. I understand the cost of doing business and the wild inflation ride we've been on. When we read the details of the proposed budget, it was like visiting a local ice cream shop you always go to while on vacation. But you go up to the window to order and that cone is now $25. This isn't Martha's Vineyard ice cream. This is ice cream in Wisconsin just feet away from the cow.

Overall, the draft budget is 9.5% higher than this year's budget. Again, I get the strain the economy has placed on budgets and organizations. In the most simple terms, the $394.5 million budget seems too high during a time when the number of credit unions continues constricting and we are heading into a potentially tumultuous economic and political 2024.

NAFCU President/CEO Dan Berger said, "NAFCU and credit unions support fiscal responsibility. It's only natural that the agency overseeing credit unions follow the same principle; however, the NCUA, once again, has proposed unreasonable increases for its 2024-2025 budgets."

What Berger said is said nearly every year by credit union officials to the NCUA when it comes to budgets. Economic officials with CUNA and NAFCU, unsurprisingly, are unhappy with the proposal. I don't think they have the answers and God knows I don't. I just believe hiking the NCUA's operating budget by 11% is wild. Credit unions need help. They don't need to be paying into a system that much more and getting the same, if not less, out of it. We aren't a credit union system existing solely on Martha's Vineyard. Although, I hear the ice cream there is great (but pricy).

Let's Merge, Shall We?

During our recent trip to Orlando, Fla., for our LUMINARIES Awards, I wrote in a joke line at the top of the show that went something like "… since the show began one minute ago, none of your credit unions have announced a merger. Congratulations on still existing!" It got a decent laugh and plenty of groans. By the way, I'm not allowed to share with you the line that was cut. But this was my replacement and, like most humor, 90% of it is based in reality and I was fairly pleased with the last-minute change. Corny, but fine.

The topic of mergers and changing/adjusting business strategies and reasonings has been on my mind a lot. And, I'm guessing on your minds, too.

For instance, initially, the PSCU/Co-op Solutions merger announcement on Nov. 6 wasn't a huge shock. We had known that discussions about the possibility had been around for some time. Also, once Todd Clark stepped down from Co-op Solutions suddenly in September, we went on merger alert.

But as I thought about it in the days after, while sitting on a plane to PSCU's home state, I began to visualize the enormity of what the combined organization might become for this merger-happy industry.

"Happy" might not be the right word. So maybe I'll call it a merger-resigned industry.

Coming off the heels of the CUNA/NAFCU vote to merge, I felt like both merger announcements weren't equally important in the eyes of credit unions – at least in the moment. Yes, the CUNA/NAFCU merger into America's Credit Unions is significant for credit unions in the political and regulatory arena. It also seemed clear that the merger was going to happen and when it was official, the industry quickly moved on.

But the PSCU/Co-op Solutions merger implicates a real daily impact on the functionality of thousands of credit unions and how they process payments, implement digital banking and give cover to millions of members with cybersecurity products and services.

There was a heaviness to the merger announcement; not just in tone, but in meaning.

As the CU Times staff sat in on the virtual news conference with PSCU President/CEO Chuck Fagan and Co-op Solutions President/CEO Dean Michaels, we were struck by the somber tone of how the merger news was being delivered.

I don't state that observation as a dig on either person. We just noticed it and took it as a sign of how significant this change was going to be for both organizations, their staff and the credit union industry at large.

The largest and second-largest CUSOs are joining together. Their asset sizes and staff numbers are in the ballpark of the larger credit unions. This combined organization will be large enough to compete with companies like Fiserv.

That's what struck me on the flight – what the actual size and scalability of this organization could and probably will become.

Finally, I wanted to address the CUNA/NAFCU merger and send a farewell note to Dan Berger. I absolutely agree it was time to bring these two organizations together to better focus an already difficult credit union message to politicians. We will be watching how the transition into America's Credit Unions happens over the coming months. We are interested in the leadership changes, how CUNA/NAFCU events will be combined or not, how the staffing numbers will change and what offices will stay open or be closed. There are a lot of questions Jim Nussle and his team have to figure out. I kind of envy the creation work ahead of them. My hope is what is created will be focused and effective.

Dear, Dan: Hey, DB or Big Dan or Berger Boy. You know how I'm always ribbing you with nicknames? I'm going to miss those days. I'm kidding. We've never hung out. I do want to sincerely say, it's been a pleasure knowing you and interviewing you. You built a great team at NAFCU and did a lot of good for the credit union industry. Enjoy wearing sweats and our best to you for whatever is next. -MO

Michael Ogden

Michael Ogden Editor-in-Chief [email protected]