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BOARD PAY: THE CEO'S PERSPECTIVE
updated 09/09/13 01:41 PM
Six CU Leaders Weigh In
Should state-chartered credit unions in California and Nevada be expressly permitted to compensate board members?

Such a question wouldn’t have been taken seriously several years ago, but times have changed.

With the addition of Washington this year, 10 states now allow state-chartered credit unions the authority to pay board members to varying degrees, depending on the state’s provisions, according to the National Association of State Credit Union Supervisors (NASCUS). Some credit unions participate while others do not.

So why the change? The volunteer role of “board director” at both state and federally chartered credit unions has evolved from basic overseer into something more elaborate as credit unions conform to new regulations, according to interviews with several CEOs. Some credit unions are also concerned they’ll have a harder time attracting new board members in the future.

“Regulatory expectations for credit union boards continue to increase as credit union operations grow in complexity,” said Mary Martha Fortney, president and CEO of NASCUS. “However, the issue of whether credit unions should compensate directors is one which the credit union system has not reached consensus.”

The editors of Credit Union Digest asked six state-chartered credit union CEOs for their opinion.

Click here to explore their individual perspectives on Pages 6-7 in the October/November edition of Credit Union Digest!

 
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CHAPTER FORUM, RECEPTION ENGAGES CUs updated 10/27/14 06:55 PM
Networking and Awards after 'REACH'
Credit union chapter members from across California and Nevada gathered Oct. 23 at the JW Marriott (L.A. Live) in downtown Los Angeles to attend the 2014 Chapter Forum, which offered a full day of valuable networking and educational sessions for attendees who were eager to share individual stories about the work their chapters are accomplishing.

NEEN JAMES CHALLENGES CUs AT 'REACH' updated 10/27/14 04:17 PM
'Time is the New Currency'
By Wednesday afternoon, nearly 700 credit union CEOs, professionals, industry vendors, and guests had attended REACH 2014, the California and Nevada Credit Union Leagues’ Annual Meeting and Convention from Oct. 20-22 at the JW Marriott (L.A. LIVE) in downtown Los Angeles.

CFPB, FTC HOST DEBT COLLECTION FORUM updated 10/27/14 03:31 PM
Latino Consumers Discussed
The Federal Trade Commission (FTC) and Consumer Financial Protection Bureau (CFPB) recently hosted an all-day forum on “Debt Collection and the Latino Community,” which brought together consumer advocates, industry professionals, and regulators to discuss how debt collection issues affect Latino consumers, especially those with limited English proficiency (LEP).

FinCEN: QUARTERLY UPDATE ON 'SARs' updated 10/27/14 03:09 PM
Also, Mortgage Service Transfer Guidance
The Financial Crimes Enforcement Network (FinCEN) has issued its SAR Stats quarterly update, which provides information on Suspicious Activity Reports (SARs) filed through Sept. 30, 2014.