The Missouri Credit Union Association is rebating to its member credit unions $260,000 for their use of fee-supported services in 2002. The amount is $85,000 more than the patronage rebate MCUA provided in 2001. The rebate stems from what the MCUA called strong financial performance by its services corporation, Credit Union Partnership (CUP). The $260,000 rebate amount was based on revenue above the 10% return on equity threshold. The amount of rebate each credit union receives is being based on their use of core CUP products and services.
The more CUP services a credit union uses, the greater the rebate it received. Over the past three years $440,000 has been returned to member CUs. The MCUA said that many credit unions are donating all or part of their rebate to the Credit Union Political Action Committee (CUPAC), the Credit Union Defense Fund or the Missouri Credit Union Charitable Foundation.