Wayne Winkler, president/CEO
$770 million Mid-Hudson Valley FCU
Kingston, N.Y.

It seems like this battle keeps re-evolving, every year, like it's the only battle we fight, over and over again, against the bankers. We monitor our community bank competition, and it seems like from one-half to two-thirds of our local community banks are S. Corps and don't pay taxes. So, if they're going to tax us, then open it up and level out the playing field with the banks.

Richard Odenthal, CEO
$719 million Central Minnesota CU
Melrose, Minn.

Next: Paying Directors?

What do you think about credit unions paying directors?

Busy people who are successful and business savvy, their time is worth a lot. But, I think you're better off looking for someone with commitment rather than offering compensation. Our volunteers say they've learned a lot from their experience on our board, things that have helped them with their business or career. The networking has helped them professionally, and the information they've gained from conferences has been a benefit to them, too. We've had discussions during board meetings about pay. We tell them, okay, if you want to be paid, that's fine. Just bring it up before the members at the next annual meeting. We have about 500 members attend our annual meeting, so I think that's why it's never happened.

Richard Odenthal, CEO
$719 million Central Minnesota CU
Melrose, Minn.

This paying directors, to me it's like raising the MBL cap. It seems like some want credit unions to change into something more like banks. I see it this way: there are still 24 hours in a day. That hasn't changed. You make time for what you want to do. I've served on the board for more than 15 years, and not once have I ever considered being paid for it. It's never come up, not once.

Jay Rainey, director
$1.7 billion Founders FCU
Lancaster, S.C.

(See Credit Union Times' series on board compensation.)

Next: The Credit Union Philosophy

Even though you're a large credit union, it seems like you have retained the traditional credit union philosophy. How do you do it?

A couple of years ago, we opened a bilingual branch in one of our markets, and NCUA Chairman Debbie Matz came to our grand opening. She said, “You are a large credit union that operates like a small credit union,” and I thought that was quite a compliment. The way we see it, if you don't want to be a credit union – if you want to do a lot of business lending, accept alternative capital, those kinds of things – then basically, you want to be a bank, so just convert and be done with it. The current system in place is adequate to meet the needs of members. Business lending is very risky, and I worry it could be the next big bailout. If you do right for your members, they'll come to you. You don't have to find new and creative ways to attract them.

When we've met with our congressman, he's said, “Look, if you want to increase your MBL cap, fine. If that's what you really want, I'll vote for it. But, right now, it's easy for me to defend you when the banking lobbyists come in. I can tell them what the difference is between credit unions and banks. But as the difference between you and banks goes away, it becomes harder for me to fight for you and your tax status.”

Bruce A. Brumfield, president/CEO
$1.7 billion Founders FCU
Lancaster, S.C.

Also at NAFCU Annual Conference:

• 4 Big Things from Confab
• Becker Calls it a Wrap
• Dollar Says Let Golden Goose Live
• Matz Reveals New Risk Rule
• Thursday in Pictures
• Non-Interest Income Balance
• Berger Promises Training Boost
• CFPB is Good for You
• Wednesday in Pictures
• Non-QMs Offer Opportunity
• Managing Outsourced Collections
• Losing Money at Loan Closings
• New Officers for 2013-2014