The League of Southeastern Credit Unions & Affiliates said it will offer member credit unions in Alabama and Florida a first-ever dues rebates in 2013.
"Through consolidation we've been able to streamline our operations," said LSCU President/CEO Patrick La Pine. "That means that the league is running more efficiently. LEVERAGE has had a very good year financially and we feel it's important to have our credit unions share in our success in the form of a dues rebate."
Even though the economy is beginning to show signs of a sustained recovery, many credit unions in Alabama and Florida continue to struggle to increase earnings in addition to feeling regulatory pressure to cut operating expenses, the league said. Since consolidation, and with the support of the boards and credit unions, the LSCU & Affiliates have met and exceeded earnings the last two years and is on track to do so again this year, La Pine said.
A final LEVERAGE dividend and LSCU dues rebate will be announced once the books close on 2012, which is expected to be around mid-February. The dues rebate would be funded by a combination of the net income derived from the League with the remaining amount being funded through the dividend from LEVERAGE to the League.
Credit unions will pay their full 2013 dues as scheduled. The dues rebate will be returned to member credit unions in the form of paper check around the end of the first quarter. The following restrictions will apply:
- Any credit union that did not remit dues by March 31, 2013, would not be eligible for a dues rebate.
- Any credit union granted a dues waiver or reduction in 2013 would not be eligible for a dues rebate.
- Credit unions that were not affiliated in previous years would be eligible to receive a dues rebate in 2013, but the above restrictions would apply.
Credit unions should still budget for their League and CUNA dues based on the estimated dues invoice that the league sends out each September.
"A dues rebate illustrates how the financial success of LEVERAGE is vital to the long-term sustainability of the League," said La Pine. "By credit unions purchasing products and/or services through LEVERAGE, it has a direct correlation to the dues they are being asked to pay. Credit unions need to know that there's no guarantee a dues rebate will be declared every year. Level of affiliation, net income for the League and LEVERAGE, as well as identified priorities, will all play key factors in our future decisions."
With offices in Birmingham and Tallahassee, LSCU serves 388 credit unions.
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Peter Strozniak
Credit Union Times reporter covering credit union operations, fraud, M&As, leagues, business continuity, and breaking news.
