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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.

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