BIRMINGHAM, Ala. – The League of Southeastern Credit Unions said it will be reinvesting more than $1 million into programs that are “paramount to credit unions’ future success and the communities they serve.”
The association said the reinvestment marks the “second value transfer” of 2021, bringing to more than $2 million the amount reinvested in a single calendar year.
“One of the objectives for LSCU’s for-profit holding company, Affiliates Consolidated Services (ACS), is to ‘directly or indirectly provide value back to parent company and its shareholders’,” said LSCU & Affiliates CEO Patrick La Pine. “These value transfers provide additional resources targeted at LSCU identified strategic priorities that will fuel future growth for our member credit unions. These allocations will undoubtedly enhance the credit union community as a whole and advance our legislative priorities both at the state and federal level.”
The Investments
According to LSCU, its board approved the following transfers to “advance the causes” of affiliated credit unions in Alabama, Florida, and Georgia:
- $265,000 will go toward the Southeastern Advocacy Fund, which helps elect credit union-friendly candidates in Alabama, Florida, and Georgia. The transfer will bring the balance of this fund to $1 million in advance of 2022 midterm elections.
- $225,000 will be used to support LSCU’s three State Political Action Committees (PAC).
- $107,000 will be allocated to LSCU’s Small Asset Size Credit Union Voucher Program, which will help provide a $1,000 voucher to affiliated credit unions under $100 million in assets to use toward any LSCU & Affiliates educational training or solution.
- $450,000 will help fund the Southeastern Credit Union Foundation’s Community Spark Projects that will soon launch in Alabama, Florida, and Georgia and which are aimed at developing projects that demonstrate the credit union philosophy of People Helping People” to policymakers and the communities credit unions serve. This contribution brings the League’s total commitment for these projects to $900,000.
Additional Transfers
In February 2021, LSCU noted its board transferred $1 million to a variety of credit union friendly programs including $220,000 to CUNA’s National Advocacy Fund, $250,000 to LSCU’s three state PACs, $80,000 to LSCU’s Small Asset Size Credit Union Program, and $450,000 to the Southeastern Credit Union Foundation’s Community Spark Projects.