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CU Board Director Pay: Most Not At All, Some Handsomely

Part one of this analysis of credit union board compensation by Credit Union Times. From our July 3 print edition.

By Peter Strozniak | Updated on July 01, 2013
The reaction among the roomful of credit union board members was shock and awe.

During the course of CUNA’s Credit Union Roundtable for Board Leadership in Chicago last summer, one person said that his credit union chairman was paid $10,000 a year and the vice chairman got $8,000 a year, said Gary Klotz, chair of the $500 million Community Choice Credit Union in Farmington Hills, Mich. “The reaction in the room was almost one of disbelief that they were paying them anything.”

Klotz, a proponent of volunteer boards, was also astonished to find out recently that the $18,000 the two board members received in compensation was modest compared to what dozens of credit union board members in other states received in compensation.

More on Board Director Pay                Part Two – Liability, Demands Make Pay Necessary                Editorial – Time to Talk Turkey on ‘Volunteer Boards’

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Peter Strozniak

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