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Generous Stipends Paid to Some Directors

The reaction among the roomful of credit union board members was shock and awe. Explanations for board pay vary as do questions raised.

By Peter Strozniak | Updated on July 03, 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.

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Peter Strozniak

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