Daily News: February 16, 2012

CFA, NFA Announce Formal Combination

The Commercial Finance Association (CFA) and the National Funding Association (NFA) announced a formal combination, bringing enhanced networking and educational opportunities to both associations’ members and a stronger voice to the industry.

Established in 1991, the NFA consists of a national office and nine regional chapters in the Southeast and Midwestern United States. Under the terms of the agreement, all NFA chapter members will become members of the corresponding CFA chapter. Michigan and Raleigh-Durham will become new CFA chapters, giving CFA a total of 20 chapters and increasing its chapter membership to approximately 1,700. CFA will offer complimentary one-year memberships to the firms that are currently members of the NFA but not part of the CFA. These firms will undergo the normal approval process to ensure that they meet CFA’s membership criteria.

Leaders from both organizations praised the union of the two associations. “The CFA/NFA merger makes sense for us because we are two similar associations with similar goals,” said CFA’s president Bruce Sprenger. “The combination will enhance the industry, will enhance our chapter network and give the industry a bigger, louder voice in Washington, D.C. and in various state capitols as well. As a result of this union, CFA membership will grow both on a national and chapter level. This will bring enhanced networking that will be especially apparent on a chapter level. We look forward to serving members in the areas where we will have new CFA chapters: Michigan and Raleigh-Durham,” explained Sprenger.

NFA’s president Everett Walker concurred. “I see the CFA/NFA combination as a blending of cultures and leadership that have always overlapped, and in some cases competed. The merger will create a stronger trade association for all financial services professionals,” said Walker.

The agreement to join the two groups became effective on February 15, 2012 and the leaders of both organizations expect a seamless transition as NFA chapter organizations are absorbed into their CFA counterparts. The NFA chapters in Grand Rapids, MI and Raleigh-Durham, NC will become new CFA chapters and continue to provide valuable education and networking opportunities for their members.