JEFFERSON CITY, Mo. — The Missouri Credit Union Association is giving its smallest credit unions a dues break by cutting the annual formula by as much as 17%.
In a unanimous vote at the annual business meeting here, the membership approved a reduction from $1.50 to $1.25 per $1,000 in assets. The formula, said MCUA, takes effect in 2009 and will have "the greatest impact on smaller credit unions" some of which have been hard pressed by tight margins and a poor economy.
Apart from the dues cut, CUs did have a good growth year in 2007, said Roshara Holub, president/CEO. Missouri CU assets increased 4.6%, or $379 million, to $8.7 billion. Membership growth was higher than the national average and the strongest since 2003 with most growth occurring in the last quarter of 2007.
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Also announced at the meeting were patronage rebates of $123,500 from the Credit Union Partnership, the for-profit services unit of MCUA. The rebates were distributed April 2 to reward CUs for their use of core fee-supported services. The four core products that provide revenue for CUP are item processing, shared branch network, credit and debit cards, and CUNA Mutual Group insurance.
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