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The Los Angeles Times Cites CU Times Regarding Telesis CU Takeover

The Chatsworth credit union’s failure gives a glimpse into controversies over business lending and multimillion-dollar executive pay at some of the…

By Staff Writer | Updated on April 26, 2012

The Chatsworth credit union’s failure gives a glimpse into controversies over business lending and multimillion-dollar executive pay at some of the member-owned financial cooperatives. Credit Union Times covered the story of David Maus, the CEO of the Public Service Employees Credit Union in Denver that received more than $9.8 million for his work in 2010, plus another $1.2 million in additional compensation from related organizations.  But Maus was not the only CEO to bring in more than a million dollars in 2010. Telesis Community Credit Union’s CEO Grace Mayo received more than $2.1 million in 2010. According to Morrison, the payment was actually part of a cost-saving measure in which senior executives forfeited a deferred compensation plan, instead accepting a lower one-time payout.

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