DANA POINT, Calif. — The NASCUS Credit Union Advisory Council approved a recommendation by the council's Dues Review Task Force to revise the dues structure of credit union members of NASCUS which if passed by the association's total credit union membership will result in the creation of four dues categories.
The current dues structure has all approximately 500 credit unions paying dues based on one formula–2% per $1,000 in assets with a cap of $5,000.
Under the new dues formula, there would be four categories:
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o Credit unions with $10-$20 million in assets would pay $50 annually.
o Those with less than $10 million in assets would be allowed to join NASCUS at no dues fee. There are an estimated total 87 CUs in both small asset size groups now.
o CUs with $20 million–$1 billion in assets would continue to pay dues at 2% per $1,000 in assets, but the cap will be raised to $7,500. There are 385 CUs in this asset group currently.
o A "super group" category for members with more than $1 billion in assets that will pay $12,000 annually. There are currently 28 CUs in this group now.
The vote for approving the dues formula revision will be put before the entire NASCUS credit union membership.
The Advisory Council has increased its dues twice in the last five years.
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