The Maryland/D.C. Credit Union Association has vowed to help its members cope with the assessment and a depressed economy by extending a 10% dues rebate for 2010.
Indeed, a group of the very smallest CUs, under $500,000, is getting a free pass. All of the rebates are tied to a higher-than-expected payoff from a CUNA Mutual Group sales incentive program.
The trade group said it is extending the "one-time" dues rebate made possible due to the incentive income on an array of CMG 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/chief membership officer.
Under the rebate schedule, nine Maryland/D.C. 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," said Simmons. CUNA Mutual said it will finish 2010 strong financially and is contributing $5 million more to leagues than last year for a total of $38 million.
