NASCUS Dual Charter Resource Initiative
In 2021, NASCUS launched the Dual Charter Resources Initiative (DCRI), a sponsorship opportunity for credit union system stakeholders who value a vibrant dual-chartering system.
State charter advances benefit the entire credit union system, from state and federal regulators to state and federally chartered credit unions and their members. It is essential to the system’s vibrancy that we, as a collective advocate for the state credit union system, work hand in hand to address the challenges ahead. With this initiative, NASCUS proactively addresses oversight balance, state-charter competitiveness, and resource distributions.
The state-charter option is a source of meaningful benefit to the credit union system. State regulators are an essential partner in the industry’s success due to their familiarity with local competitive environments and understanding that innovation is necessary for prosperity. As a pivotal partner between credit unions and state regulators, NASCUS created the DCRI to enhance industry partnerships and develop long-term growth frameworks strategically.
NASCUS invites state and federal credit unions into its membership ranks to support a robust dual-chartering system. Their financial support helps NASCUS operate general advocacy of the state system and create relevant educational and training programs for state regulators and the credit union industry. Funds received from DCRI sponsors will be used to enhance the value created by the state charter. Activities enabled by the initiative would fall into one of four categories that affect the industry as a whole:
- Pursuing progressive legislation and regulation
- Building relationships to foster charter innovation
- Leaning against unnecessary federal pre-emption
- Expanding awareness of options available to state-chartered credit unions
The DCRI moved into the market in early 2021. By Fall 2021, NASCUS solicited engagement from industry supporters on three levels, Champions, Leaders, and Partners, who all showed their participation through financial contributions.
NASCUS thanks CUNA Mutual and ASI as Champion sponsors and PSCU and NCB as Partner sponsors. Our early DCRI sponsors recognize that a robust dual charter system going forward will assure the continued dynamism of the U.S. credit union system.
(Click on company names to learn more.)
- CUNA Mutual Group: 3-year commitment
- American Share Insurance (ASI): 2-year commitment
- PSCU: 2-year commitment
- National Cooperative Bank: 2-year commitment
To participate in the initiative, please contact Alicia Valencia Erb at firstname.lastname@example.org.
“When NASCUS shared their vision for the Dual Charter Resource Initiative, it was an easy decision to support this important program,” said Robert N. Trunzo, President and CEO, CUNA Mutual Group. “A strong state credit union system benefits our credit union partners and the consumers we collectively serve as we work together to make brighter financial futures accessible to everyone.”
Dennis Adams, President and CEO of ASI stated, “ASI is proud to support NASCUS’ Dual Charter Resource Initiative because we fundamentally believe that credit unions should have choices in their charter structure. Like NASCUS, ASI believes that the Dual Charter Resource Initiative is critical in sustaining long-term growth for the industry as a whole. We are honored to join a program designed to ensure a sustainable and dynamic state-charter system thrives.”
Chuck Fagan, President and CEO, PSCU commented “As the nation’s leading payments credit union service organization, PSCU understands that credit unions must be able to innovate to stay competitive. In line with our commitment to helping our credit unions prepare for the future, we are proud to support the Dual Charter Resource Initiative with NASCUS to create a strong and vibrant state-charter system. Grounded in a cooperative spirit, this initiative offers credit unions the ability to develop innovative solutions while staying flexible and efficiently serving their members.”
Casey Fannon, President and Acting CEO of National Cooperative Bank commented “NCB is committed to offering credit unions, leagues, and CUSO’s strategic banking solutions and has been a strong supporter of credit unions for over 40 years. When approached by NASCUS to contribute to the Dual Charter Resource Initiative, it made sense to direct efforts to advance innovation and support the long-term sustainability of the state credit union system, which impacts the entire the credit union system.”