At their October 13th meeting, the MnCUN Board approved the dues factor which will not change from 2023, using June call report data to determine credit union asset sizes. By holding the dues factor steady we remain dedicated to delivering the highest value to our members while supporting the industry across the state.
Over forty-five percent of Minnesota credit unions will see a decrease in MnCUN dues for 2024. The MnCUN Board is cognizant of the current economic uncertainty and recognizes that many credit unions have seen a decrease in asset size over the past year.
As we await the outcome of the CUNA/NAFCU merger vote, we know that for 2024, both organizations are calculating dues using the same CUNA methodology or NAFCU methodology currently in effect as of December 31, 2023. Current members of CUNA and NAFCU are encouraged to pay 2024 membership dues for both organizations.
Invoices and full membership information, reflecting the outcome of the merger, will be sent in December, with a due date of January 31, 2024.
The Board discussed future revenue projections and scenarios, along with prioritizing strategic initiatives, which will help guide direction and priorities for the organization into the future.
The MnCUN Board also concurred with the recommendation of the Awareness Fund Committee to move forward with a Minnesota-specific Awareness initiative for 2024, growing credit union knowledge and interest by telling local stories, amplifying values, and sharing insights about the advantage of being a Minnesota credit union member. More details on the new program will be announced to credit unions in October.
Thank you for your continued support and trust. As a member of MnCUN, you have the support of the only trade association that champions Minnesota Credit Unions, ensuring credit union priorities are front and center as we advocate, accelerate, and collaborate to ensure a thriving credit union system in Minnesota.
The Pulse is MnCUN's newsletter that keeps credit union professionals and board members updated on current news and information.