ST. LOUIS, Mo.-The Missouri CU Association will distribute $500,000 to affiliated CUs "to help member credit unions address issues surrounding the volatile economy and stimulate growth."
The funds will be distributed to credit unions on a prorated basis according to what they pay in dues and will distributed as soon as calculations are completed and verified, hopefully some time this week, according to Amy McLard, VP of public and legislative affairs at the league.
"In this unprecedented time in our history, unity is paramount," said Rosie Holub, MCUA CEO. "Credit unions need the support of their league and, as represented by this action, we understand the pressures and demands credit unions face financially. The credit union system is facing a wide range of challenges from helping credit union members withstand the economic downturn to making certain we have a strong voice in the state assembly, in Congress, and with our regulatory agencies. The board is commended for [its] action."
Holub also reported that the board voted to recommend to membership at the 2009 annual business meeting that membership fees remain at the reduced 2009 level again for 2010. The reduced membership fee schedule was originally proposed at the MCUA 2008 annual business meeting. The reduction in fees represents another effort to assist credit unions hold the line on expenses.
"Missouri credit unions have a long history of working together," said Board Chair Betty Clark, CEO of United Credit Union (Mexico). "We have a strong, well-supported association, and as a board, we feel it is appropriate to assist member credit unions in these difficult economic times."
There are 151 CUs in Missouri, 144 of which are affiliated with the league, McLard said.
