Conversion Considered, Apple FCU to Leave CUNA

The CU's Board Made the Decision After Concluding the Trade Group was no Longer an Effective Advocate

CU Times - By David Morrison February 26, 2012

The 144,000-member, $1.6 billion Apple Federal Credit Union, Fairfax, Va., has become the first large credit union to leave CUNA this year. Three other large CUs, two from New Mexico and one from Texas, left the trade group last year.

At press time, CUNA had not commented on the departure, but Apple CEO Larry Kelly said the CU's board had made the decision after concluding the trade group was no longer a very effective advocate.

“Can you tell me one major thing that CUNA has done for credit unions in the last 12 years?” Kelly asked.

He cited the steadily tightening regulatory burden that credit unions face under the NCUA' s current leadership as a reason his board started to question whether its members would continue to be best served by a credit union charter.

“My board has voted to ask me to assess that question, and we are in the midst of currently evaluating it,” Kelly said.