AUSTIN, Texas -
The delegates represented 150 Texas credit unions, according to Texas lague officials.
John Tippets, the CEO of American Airlines FCU and co-chair of the TCUL's dues study task force, said Texas has an "unusually low" dues structure compared to other large leagues. "A Texas credit union would pay seven to 10 times more in California, but I don't think our effectiveness is less," he said.
Tippets said the new dues schedule will use the square root of a CU's assets, plus a factor of .52. The minimum amount due will be $500 or 6% of gross income, whichever is less. The league's "Force" fund no longer would be collected and held separately, and instead will be part of the general fund. The TCUL's board has the authority to increase the factor by up to 5% annually, if necessary, he added.
According to Tippets, smaller CUs will see a slight decrease in dues, medium-sized CUs would pay about the same, and credit unions above $100 million in assets would pay more.
"In total, dues per million in assets will be slightly lower, and much less than the national average," he said.
Anne Boatright, chairman of the TCUL's board and president/CEO of Capitol Credit Union here, told the delegates prior to the vote she believed the modification to the dues structure would, if approved, "add value to Texas credit unions of all shapes and sizes."
