X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

RANCHO CUCAMONGA, Calif. – If things go as the California Credit Union League is proposing, members of the League will save nearly 30% in dues in 2006 over their 2005 rates. The League said the savings result from a board decision to establish a ceiling on consolidated unrestricted net assets. Current calculations based on year-end estimates indicate the savings could total more than $1.8 million, which will be refunded to members on a pro-rata basis. According to the League, the 2006 assessment schedule is the first time the League has refunded funds to members. League President/CEO David Chatfield said there may be additional reductions in the future as well although probably not on the scale of the 2006 savings. League EVP and COO Matthew Davidson explained that, “A recent company restructuring, combined with revenues generated by League business partnerships, offset operational costs and member dues and helped create a surplus. We are pleased to be able to return this surplus to our members.” In addition to the overall dues reduction, Chatfield has announced a proposed 8.3% reduction in the League’s Public Advocacy Program assessment for 2006. The program is designed to educate elected officials and consumers about the benefits CUs provide consumers, strengthen grassroots efforts and build support for CU issues. A major portion of the program funds supports a radio advertising campaign to raise awareness of CUs among California consumers. This is the second year that League-affiliated CUs were asked to pay an assessment to support the Public Advocacy Program. Because the Public Advocacy Program funds were used “prudently and carefully,” program chairman Richard Ghysels, president/CEO, First Financial CU, West Covina, Calif., said the program ended 2005 with a surplus that will be carried over to the 2006 campaign. In addition, donations were received from WesCorp, CU Direct, FSCC, and the CO-OP Network and those contributed to the surplus too. CCUL’s budget and the public advocacy assessment were approved by the League’s Assembly of Delegates in September, and the dues schedule will be voted on by the membership at the League’s annual meeting on Oct. 26. -

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

Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.