Community development credit unions, often among the smallest credit unions, in the country, are doing everything from canceling celebratory annual meetings to cutting back on health insurance, eliminating contributions to 401K programs and closing branches in order to pay their part of NCUA’s NCUSIF assessment.

“This year was our tenth anniversary and so we planned a little bit of a celebration at our annual meeting,” explained Bruce Wright, CEO of the $3.6 million Brookland Federal Credit Union in West Columbia, South Carolina. “Well, that went from $5000 in the budget to $1000 for a bare bones annual meeting. We have cut travel, cut benefits, cut everything we could cut and that was before these latest numbers came in,” he said, referring to the increased assessment in the wake of the corporate conservetorships.

Complete your profile to continue reading and get FREE access to, part of your ALM digital membership.

Your access to unlimited content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including and

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join Credit Union Times

Copyright © 2023 ALM Global, LLC. All Rights Reserved.