A couple of state legislatures have recognized the value of credit union directors' work toward maintaining a safe and sound credit union. Washington state and Tennessee credit union regulators recently permitted state-chartered credit unions there to compensate board members for their time. This was a wise move for a number of reasons.

First, as I said, it recognizes the value of the board members' time and expertise. And it is not as if directors are doing warm and fuzzy things like candy striping or walking dogs at the Humane Society. They are crunching numbers and approving audits for IT security and ensuring Bank Secrecy Act compliance – all at a huge personal risk.

Sen. Jack Johnson, a Republican from Tennessee who also happens to be a senior vice president and financial adviser for Pinnacle Financial Partners in Knoxville, said as much when he sponsored the bill in his state senate. He cited the growth and complexity of the financial services industry that is creating more time demands, expertise and deliberations among board members.