SEATTLE — As expected, the Washington Credit Union League has overwhelmingly adopted an 18% dues hike for next year to provide "stable and sustainable funding during a time of credit union consolidation."
Acting at a business session at the close of the league's annual meeting here, delegates voted 46-2 in favor of the dues increase, which targets the largest CUs in the state for the biggest payments.
The dues increase, expected to bring $280,000 of additional income does allow CUs under $10 million a 50% reduction. The dues change also puts a yearly cap in which the WCUL board "may not raise dues by more than 10% in any future year."
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The dues hike was the work of a Dues Adjustment Task Force headed by Chuck Cockburn, president/CEO of Watermark Credit Union of Seattle who said the increases were needed to prevent any reduction in quality products and services.
Under the new dues formula, league delegates also followed the lead of the Colorado Credit Union Association in allowing out-of-state CUs with Washington State branches to become associate members through a $2,500 fee plus $100 per Washington branch.
In defending the increase, Washington CU League Chairman Robert Harvey told delegates because of the merger trend the existing league formula has not kept pace with dues revenue, which has remained "flat or in decline for the last four years despite your asset growth."
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