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The League of Southeastern Credit Unions & Affiliates' board of directors recently approved $1 million to fund strategic initiatives to support national and state advocacy, small credit unions and community development projects.
The board earmarked $220,000 for the National Advocacy Fund to promote credit union-friendly candidates at the federal level in Alabama, Florida and Georgia. An additional $250,000 will support LSCU's three State Political Action Committees, which helps elect credit union-friendly candidates to state legislatures and other statewide elected offices.
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The league's board also allocated $450,000 to fund the Southeastern Credit Union Foundation's Community Spark projects that will launch this year in the three states.
Finally, $80,000 will be moved to LSCU's Small Asset Size Credit Union Voucher Program, which will increase from $500 to $1,000 for each credit union with less than $50 million in assets to use toward any LSCU educational event or product offered by the league's service subsidiary, LEVERAGE.
The board said the $1 million comes from the league's 2020 net income.
Following a consolidation of the former Georgia Credit Union Affiliates with LSCU last year, the league said it was able to reduce expenses by more than $3 million while continuing to maintain services for members and client credit unions.
"As LSCU and its affiliates continue to grow, we are dedicated to providing value back to our credit unions through innovative programs like these," LSCU CEO Patrick La Pine said.
The League of Southeastern Credit Unions & Affiliates represents 323 credit unions in Alabama, Florida and Georgia that manage a combined total of more than $137 billion in assets and serve more than 10.6 million members.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
