Tiny Maryland/DC CUs Pay No 2010 Dues, Others See 10% Cut
A group of small Maryland/DC credit unions under $500,000 is getting a free pass on their league dues this year thanks to the payoff of a CUNA Mutual Group incentive program.
And the rest of the CUs in the Maryland/DC Credit Union Association will enjoy a 10% rebate for 2010 stemming from the CMG package as part of an overall program to aid CUs coping with the assessment and the economy.
In a notice sent this week to its members, the trade group said it is extending the "one-time" dues rebate made possible due to higher than expected earnings from an incentive program provided by CMG on an array of insurance products.
"CUNA Mutual Group remains distinct from other industry providers through a value proposition that promotes the credit union movement as a whole," wrote Jennifer Simmons, interim CEO and chief membership officer.
Under the rebate schedule, nine Maryland/DC CUs will get all of the dues returned with the remaining 164 CUs receiving 10%.
Simmons said the association board decided on the dues gesture "as a way of recognizing the challenges our members face."
"At a time when credit unions have seen an increase in deposit growth and face challenges arising from an economic crisis that they did not create, MDDCCUA and CUNA Mutual remain committed to sustaining credit unions in these unprecedented times," Simmons said.
For its part, a spokesman for CMG in Madison said the insurer has marketing agreements with all state leagues and "as part of those agreements, CUNA Mutual financially supports leagues for promoting" its products. "This year, because CUNA Mutual is forecasting to finish 2010 strong financially, we are contributing $5 million more to Leagues than last year," or a total of $38 million.