Five years ago, CU Times conducted the first publically reported analysis of credit union board compensation. Prior to that time, the NCUA had periodically issued different opinions by the Office of General Counsel as to whether or not a particular benefit was viewed as compensation to a board of directors of a federally-chartered credit union.

This initial analysis by CU Times, supplemented by various opinions by the NCUA, led me to realize that a 50-state analysis of compensation to boards of directors of credit unions had never been reported, or if it had been, it needed to be updated.

The NCUA has approved a number of permissible types of "in-kind" compensation, such as reimbursement of reasonable travel expenses, but others are much less publicized. Over the years, the NCUA has broadened its views of director compensation for federal credit unions to include such items as a $250 gift card to recognize five years of service, "small" gifts to an official's share account, long-term care insurance, training costs and expense reimbursement for nonvoting members, reimbursement for electronic equipment and internet access, direct purchase of health insurance, reimbursement of meals, travel expenses, educational programs and conferences, insurance relating to disease-specific health insurance and extension of health benefits to immediate family members. These determinations are often accompanied by an NCUA letter to credit unions or a letter from the Office of General Counsel. Over the years, such pronouncements have received broad coverage. Credit unions are directed to carefully review the special NCUA letters rather than rely on a general list (visit //www.ncua.gov/regulation-supervision/Pages/policy-compliance/communications/letters-to-credit-unions.aspx for the NCUA's Letters to Credit Unions).