BURLINGTON, Vt. – In what is being called a “discouraging” development by its leadership, members of the Vermont Credit Union League have narrowly rejected a dues hike for 2003. League management, calling the defeat a “temporary” setback in a program to increase revenue, had sought the increase to pay for increased administrative and lobbying expenses. League members however, following a series of televised statewide meetings last month, rejected a bylaw amendment which would have eliminated a 10% annual growth cap on assessed dues and a cost-of-living adjustment. The vote was 32-20 in favor of the bylaw change, but a two-thirds majority of the membership was required for the amendment to pass. League President Joe Bergeron, noting there was a certain amount of misunderstanding over the dues proposal, said the overall dues “restructuring” was to be revisited by the League’s Board at a meeting last week. He said there are no current plans to cut services or programs next year, but there could be problems “in future years” If there’s no change in the dues structure. “I think we probably have to do a better job of making our members understand the strategic changes we envision for the League over the next three to five years,” explained League Chairman John Benoit, president of the $90 million North Country Federal Credit Union in S. Burlington. Economic conditions impacting individual CUs may have been a factor in the bylaw rejection, he said. There are 40 CUs in the state, and the League noted on its Web site that 13 CUs “failed to vote” on the bylaw change. There were 26 CUs that cast two votes each resulting in 32 in favor and 20 against. The results were announced Dec. 5 on a statewide TV hookup in which assembled delegates from 15 CUs – “the minimum necessary to achieve a quorum” – heard the outcome. The hookup sites included Colchester, Randolph, Rutland and Springfield. -

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.