CUNA and NAFCU have been tightening their respective belts in response to the recession. They've also ramped up programs to help credit unions do the same.
The most dramatic cuts have come at CUNA, where 26 employees were laid off and all employees were forced to take five unpaid days off between now and September. The association has also eliminated bonuses for senior managers and cut contributions to employee 401(k) plans and travel to close a $200,000 budget gap.
NAFCU President/CEO Fred Becker said that while his organization hasn't faced the challenges that CUNA has, it has cut expenses in a range of areas as well.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Critical CUTimes.com 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 Law.com and GlobeSt.com.
Already have an account? Sign In
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
