After disaffiliating from the Carolinas Credit Union League nearly three years ago, the board of directors of the $30 billion State Employees’ Credit Union in Raleigh, N.C., said Tuesday it voted to rejoin the Carolinas league.
This follows SECU’s decision to reaffiliate with CUNA last spring.
Under the leadership of its retired president/CEO Jim Blaine, North Carolina’s largest credit union, was a vocal supporter and advocate for the right of credit unions to have the option to join either or both organizations rather than requiring credit unions to join both their state leagues and CUNA.
In 2014, SECU decided not to renew its combined $340,000 membership dues: $250,000 to CUNA and $90,000 to the Carolinas league.
SECU’s decision to disaffiliate from both organizations sparked an industry-wide controversy and debate over the dual membership and other issues. Several leagues later decided unilaterally to offer their credit union members the option to join either their league, CUNA or both organizations. Other leagues, however, decided to keep the dual membership.
The growing controversy forced CUNA’s board of directors to put the dual membership question up for vote for their members. Last year, credit unions voted in favor of a bylaw change that now gives them the option to join either their state league, CUNA or both organizations.
“The SECU Board and management are confident that reaffiliating with the Carolinas Credit Union League is a positive step that will help support small credit unions in our state and promote the credit union movement. SECU President/CEO Mike Lord, said in a prepared statement. “Combining our voice and support with fellow league members will advance positive advocacy for consumers and credit unions in North Carolina, allowing us all to better serve our members.”
Carolinas league President/CEO John Radebaugh said he was surprised to learn of SECU’s decision to reaffiliate during a meeting with Lord Tuesday.
“We are elated to have State Employees’ Credit Union back with us!” he said in a prepared statement. “SECU and its management staff have shown us through their voice and advocacy for credit unions across the country – large and small – that they are committed to the cooperative spirit and the common goal of credit union growth. We look forward to working together again, and on behalf of the league I’d like to extend a huge ‘welcome back!’”
