SAN FRANSICO -- California and Nevada Credit Union League CEO Bill Cheney stunned conference goers yesterday during the group's morning general session, announcing its high-profile advocacy campaign budget will be slashed for 2009, from $6 million to $1 million.

The league had sent a letter to members early last month, detailing plans to reduce the advocacy budget to $4 million. However, upon seeing third-quarter financials and receiving feedback from struggling members, the leagues decided further cuts were needed, said Spokesman Henry Kertman.

Where will the cuts come? Practically everywhere, but consumer advertising will take the biggest hit. The $1 million will primarily be spent on grassroots advocacy, Kertman said, which has been increasingly effective for the league, and less expensive.