CUNA is mandating that all employees take five unpaid days off between now and Sept. 1, CUNA President Dan Mica confirmed to Credit Union Times today.
The move will impact all employees in the association's Washington, D.C., and Madison, Wis., offices.
Mica said the move, on top of the group's lay off of eight employees earlier this year, will be followed up with elimination of employer 401(k) contributions, program cuts and additional lay offs later this year.
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The sluggish economy has hurt many trade associations. CUNA had to write off $7.9 million last year because of the diminishing value of its investments and the losses in its benefit plan. In 2007, the association lost $5.2 million.
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