Minimum wage rises again at Notre Dame FCU

Notre Dame Federal Credit Union has raised its minimum wage for the second time in just over two years.

Effective next month, starting pay at the $855 million-asset institution will rise to $16 per hour. The credit union moved to a $15 hourly base pay in February 2019 as part of an ongoing push to raise wages that began in 2017.

A small number of credit unions have made moves in recent years to increase starting wages, including news last week that Oregon Community Credit Union would boost its entry-level pay to $15 per hour. The federal minimum wage has not increased since 2007 and it’s unclear whether that will be a priority in the current Congress.

While some credit unions have adopted minimum wages ranging from $13 to $15 per hours, it’s unclear how many start at $16 per hour. This latest increase will impact about one quarter of Notre Dame FCU employees.

President and CEO Tom Gryp said in a press release, “doing the right thing takes precedent over just making money,” adding, “Now it’s time for other local businesses who are able, especially financial institutions, to step up and do what’s right for their employees as well.”

Notre Dame FCU earned nearly $7.2 million last year, up from about $4.2 million in 2019, according to call report data from the National Credit Union Administration. The 2020 increase was helped along by a nearly 40% decrease in charge-offs and a 63% lift in noninterest income, which included a 50% lift in fee income.