CUNA is eliminating the jobs of 18 people in its Madison, Wis. office as part of previously announced cost-cutting program, the association announced today.
The cuts, which CUNA said are needed to close a $2 million shortfall, are on top of the eight layoffs the association announced in January. The layoffs affect people in areas such as administration, marketing and publishing.
Last month, the association said it will require all employees to take five days of unpaid leave between now and September, it is suspending contributions to employee 401(k) plans and also intends to make additional program cuts.
CUNA President/CEO Dan Mica said in a statement that the cuts "will enable us to operate as a leaner organization more aptly suited to these difficult times, as more of our own member credit unions feel the economic strain that in turn affects their demand for our products and services."
The association has been hurt by the recession, which has experienced losses in its investments and reduced income from conferences, training programs and publications. There were 810 paid attendees at last month's America's Credit Union Conference & Expo in Boston, compared with 900 at the 2008 conference.
Before the layoffs, which take effect on July 13, CUNA had 195 full-time employees in its Madison office and 70 in Washington.
