SAN FRANCISCO — The California and Nevada Credit Union Leagues may have shocked members when it announced an enormous reduction in the group's advocacy campaign budget for 2009, from $6 million to $1 million. However, members overwhelming supported the move, with unanimous votes of approval from Nevada delegates and 99% approval on the California side.
The budget slash follows a letter the league sent to members in early October, announcing plans to reduce the program by $2 million, resulting in a $4 million budget. However, after seeing third-quarter financials and receiving feedback from members, the league decided to make further cuts, said spokesman Henry Kertman.
The change means a reduction of more than 80% in the advocacy program assessment fee league members have been paying in addition to membership dues since 2005. Credit unions with fewer than $38 million assets will pay a flat fee ranging from $0 to $50. Larger credit unions will pay 0.00000492 of assets plus roughly a nickel per member.
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