ALBANY, N.Y. – The New York Credit Union Association said it is making “drastic changes” to the formula the organization uses to calculate member dues in 2021, resulting in aggregate savings of nearly $800,000 for association CUs.
According to the NYCUA, the change was made after an increasing number of credit unions expressed concerns about the continued economic downturn resulting from the coronavirus pandemic.
“As challenging as 2020 has been, we're fully aware that for many credit unions, 2021 is where the uncertainty begins,” said NYCUA President/CEO William J. Mellin. “With the economy — and by extension the credit union movement — facing so much instability in the year ahead, the association’s leadership and board of directors knew it was critical that we do everything in our power to keep the New York credit union movement united. This change in our dues formula means New York credit unions will save nearly $800,000 next year while still having access to our unmatched advocacy, compliance support, professional development opportunities, and all of our other offerings.”