SOUTH BURLINGTON, Vt. (11/18/13)--The Association of Vermont Credit Unions approved a new schedule of dues proposed by its Board of Directors.
Member credit unions voted 35-1 to amend the AVCU's bylaws on Wednesday. As a result, each AVCU member will pay dues calculated by a formula based on the square root of its assets, starting in 2014. Between 2014 and 2017, however, no single credit union's dues will fluctuate by more than 25%.
About 20 other state credit union leagues charge dues in proportion to members' assets.
For the first time in AVCU's history, the ballot was conducted online through a secure service, with each delegate required to register to receive a unique identifier that expired after the vote.
The AVCU Board of Directors announced in September its proposal to reform the trade association's fee schedule in September, with discussions over the issue progressing via e-mails and webcasts.