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VOLUNTEERISM, FUNDRAISERS, AND MORE
updated 08/05/14 10:54 AM
CUs Make a Local Impact
Scroll down to view the latest on how credit unions and industry affiliates across California and Nevada are donating time and money to help the communities they serve, implementing new operational strategies for members, and advocating for the credit union movement!

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From the Editors of CU Weekly

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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