On Tuesday, the nation’s two leading credit union associations announced their intent to merge and form a new organization.

According to a news release, the Credit Union National Association (CUNA) and the National Association of Federally-Insured Credit Unions (NAFCU) would unite to form America’s Credit Unions.

When the transaction closes, CUNA president and CEO Jim Nussle will serve as the president and CEO of the new association should the merger take effect.

The boards of directors and executive committees of both CUNA and NAFCU voted unanimously in May to merge the two organizations. Officials said the merger will be subject to approval from the members of CUNA and NAFCU during a 60-day voting period that is planned to begin later this month.

“By bringing together these two powerful credit union associations we are doubling down on our commitment to ensure the growth and prosperity of all credit unions across the nation and the 137 million Americans they serve,” Nussle said in the news release.

“We look forward to uniting CUNA and NAFCU in what will be an exciting new chapter ahead, and we’re thrilled about the opportunities this will create for our members, employees, and business partners,” he continued.

Officials indicated NAFCU president and CEO Dan Berger, who made the decision earlier this year to step aside to fulfill family obligations and pursue other opportunities, will remain at the association until year-end, working to bring the two organizations together and to ensure the merger is a success.

“Both CUNA and NAFCU have worked together over the years to achieve victories for the credit union industry, and now the sky is the limit. I believe this is the best path forward for the industry,” Berger said.

“A new, singular association under Jim’s fervent leadership will be able to harness the combined talent of both organizations to provide outstanding value to our members and ensure every household in America has the best credit union to serve them,” he went on to say.

Should members approve of the merger, officials said America’s Credit Unions will legally be established no earlier than January, with the intent to be fully operational by early 2025.

According to the news release, the new association will initially be governed by a 16-person board of directors. This transition board will include current board members from both CUNA and NAFCU, including members of each board’s executive committee.

By combining strengths into a single entity, leadership said America’s Credit Unions will be a highly influential and effective voice for credit unions in Washington, D.C., and, in partnerships with the leagues, across all 50 states, Puerto Rico and Guam.

“Both organizations have worked together to achieve great victories for the industry. This merger will provide the opportunity to innovate and strengthen the credit union industry as we respond to the banking challenges of the future,” said Lisa Ginter, chair of the CUNA board of directors.

Gary Grinnell, chair of the NAFCU board of directors, added, “We have the utmost respect for both associations and their employees and look forward to working together as we integrate the two organizations to best support the credit union industry.

“We appreciate Dan’s relentless focus on growing NAFCU and serving its members with aggressive advocacy and ‘extreme member service,’ and wish him much luck in his future endeavors,” Grinnell said.

The organizations elaborated about the decision more in the video available below.