Credit unions in North Carolina, South Carolina, California and Nevada will see their league membership dues increase in 2016 – and CEOs in those states interviewed by CU Times said they support the change.
Next year, the Carolinas Credit Union League is moving to a square root formula to calculate dues, which shifts a greater portion of the total dues on to the cooperatives with large assets and lowers dues for credit unions with small assets, according to John Radebaugh, president/CEO of the Carolinas Credit Union League.
About 25 of the league-affiliated credit unions in North Carolina and South Carolina with assets of $180 million and above will see their membership dues increase in proportion to the amount of dues they manage. Some are expected to see an increase as low as 1%, but others will see their membership dues increase by as much as 20% or 30%, Radebaugh said.
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However, a few of the seven league-affiliated, billion dollar credit unions in North and South Carolina will see their dues substantially increase by more than 30%.
But for about 140 Carolina cooperatives with less than $180 million in assets, their dues will decline by 2% or 3%, and up to 50% for credit unions with assets of $1 million or $2 million, according to Radebaugh.
Out west in California and Nevada, credit unions will see their membership dues increase by an average of 3.97% in 2016, following a five-year freeze on dues, cost cutting of league operations and declining revenues from partnership sources, according to Diana Dykstra, president/CEO of the California and Nevada Credit Union Leagues.
In addition, the leagues set a 5% cap on membership dues for next year.
So why are credit union CEOs OK with the membership dues increase? Find out in the Sept. 16 print edition of CU Times.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
