WASHINGTON — Bowing to the pressures that come with a recession, CUNA has eliminated eight positions-through lay offs and attrition-and eliminated merit increases for senior staff members.
CUNA President and CEO Dan Mica said these changes will result in "significant savings" to the trade association, which has a $56 million annual budget and 270 full-time-equivalent employees.
"Our combined actions so far have enabled CUNA to bring our year-end 2008 budget into balance and be better prepared for any higher-than-anticipated revenue shortfall," he added.
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Six of the positions are in the association's Madison, Wis. headquarters and two are in its Washington, D.C. headquarters. All are in the human resources, information technology, sales/marketing and library staffs.
The association is continuing a selective hiring freeze that began last year, eliminated merit increases for senior staff members. They have also reduced staff travel and more closely monitored outside contracts.
CUNA said it is not planning to eliminate any of its conferences, though plans to use webinars and conference calls more often.
Neither of the other two national credit union trade associations, NAFCU and NASCUS, is planning staff or salary freezes but both said they would be cutting expenses.
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