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Indiana CULServicecorp take steps to help CUs
INDIANAPOLIS (3/5/10)--The Indiana Credit Union League and its Servicecorp subsidiary are taking additional steps to provide financial support to affiliates during the economy’s impact on the state’s communities.
Click to view larger image The Indiana Credit Union League and its Servicecorp relocated their headquarters to save $90,000 in leasing expenses annually as a step to help credit unions in today’s economy. (Photo provided by the Indiana Credit Union League)
Efforts underway include:
* A 2010 dues rebate of $38,000. Affiliates will pay their 2009 dues amount for 2010. This is the same approach the league took the previous year, when a dues rebate was provided so credit unions could pay the 2008 dues amount in 2009, said John McKenzie, Indiana league president. * A transfer of $250,000 from the league’s general retained earnings to the Stabilization Reserve, which is a board-designated reserve account on the league’s balance sheet, so more money is available to help credit unions with financial needs. The league board authorized financial assistance totaling $16,000 to help affiliates attend the Credit Union National Association’s Governmental Affairs Conference. The league helped affiliates attend the conference because it considers advocacy a top priority. * Relocation of the league and Servicecorp’s headquarters, reducing leasing expenses by $90,000 annually. * Promotional rebates from Servicecorp to credit unions participating in league webinars, teleconferences and planning sessions. A 20% rebate will be applied on registration costs up to $20,000. * Coverage by Servicecorp of $57,881 in First Data programming expenses required for statement and disclosure compliance due to the Credit Card Accountability, Responsibility and Disclosures Act of 2009 legislation. * A premium holiday for clients of Servicecorp’s CUCare group health insurance program. Excess premiums totaling $1.4 million were refunded to credit unions and another $609,000 is scheduled to be refunded this year.


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