Top management of credit unions must now be aware "they are no different from any other industries sharing the economic pain" and look toward possible compensation reductions, a California salary consultant warned Thursday.
"We have seen and heard about, situations where credit union executives are already talking to their boards about reducing current compensation because of the significant impact on both the income statement and the balance sheet," observed Alec Berkman, head of Executive Compensation Solutions of Covina.
Moreover, the U.S.Central/WesCorp conservatorship by NCUA "is a signal that the credit union movement anticipates an extended recovery from this challenging economic environment." His firm has yet to see situations where CU boards have asked execs to reduce salary. But, he went on, "we have heard of several cases of suspended bonuses or executive retirement plans being abrogated."
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
