BIRMINGHAM, Ala./TALLAHASSEE, Fla.– For the fifth consecutive year, the League of Southeastern Credit Unions & Affiliates (LSCU) will issue full-dues paying credit unions a rebate for 2017.
This year’s rebate will be 5.6%, equivalent to $202,623, the association said.
The LSCU & Affiliates reported it showed strong financial performance from both the LSCU and LEVERAGE in 2016. “Adhering to the principles of the cooperative business model, when the LSCU & Affiliates performs well, it shares the success with affiliated credit unions. Over the last several years, the LSCU & Affiliates has returned more than $1.4 million to credit unions through dues rebates and patronage dividends,” the league said.
“To be able to offer a dues rebate for the last five years in a row is not only a testament to our organization, but is evidence of the support from our Alabama and Florida credit unions,” LSCU & Affiliates President/CEO Patrick La Pine said. “The dues rebate is made possible partially because of operating efficiencies within the league, but is impacted heavily by credit unions affiliating with the league, participating in our educational offerings, and purchasing products and services though LEVERAGE and its business partners.”
“The league and LEVERAGE have a common goal, which is to facilitate the growth and success of our credit unions,” added LSCU/LEVERAGE Board Chairman Alvin J. Cowans, “AC” who is also the President/CEO of McCoy Federal Credit Union in Orlando, Fla. “As a CEO, I have a sincere appreciation for the League as it performs with great fiscal responsibility on every level, especially with credit unions’ dues dollars. Just as credit unions must perform with our members in mind, the LSCU operates in this same fashion.”
According to LSCU, the dues rebate will be in the form of a paper check in April. A few restrictions apply:
- Credit unions must have paid their dues in full by March 31.
- Credit unions that were not affiliated in previous years are eligible to receive a dues rebate in 2017, but dues must be paid in full by March 31.
Cooperative CU Association Paying 7.5% Dues Rebate
Meanwhile, in Marlborough, Mass., the Cooperative Credit Union Association, which serves CUs in Delaware, Massachusetts, New Hampshire, and Rhode Island, has announced a 7.5% 2016 dues rebate for its member credit unions. “Our members robustly utilized the Association’s offerings in 2016 and helped drive our successful year. The board unanimously supported this dues rebate as just one more way we return value back to the membership,” said Association Chairman Bernie Winne, CEO of Boston Firefighters Credit Union, Dorchester, Mass.
The CCUA said members have four options with the rebate:
- Have a check mailed to them for the rebated amount.
- Donate their rebate to the social responsibility cause in their state.
- Donate the rebate to the Better Values. Better Banking. campaign for the credit union’s state.
- Split the rebate between social responsibility and Better Values. Better Banking. efforts in the credit union’s state.
* Any credit union granted a dues waiver or reduction in 2016 is not eligible for a dues rebate.