The Chatsworth credit union’s failure gives a glimpse into controversies over business lending and multimillion-dollar executive pay at some of the member-owned financial cooperatives. Credit Union Times covered the story of David Maus, the CEO of the Public Service Employees Credit Union in Denver that received more than $9.8 million for his work in 2010, plus another $1.2 million in additional compensation from related organizations. But Maus was not the only CEO to bring in more than a million dollars in 2010. Telesis Community Credit Union’s CEO Grace Mayo received more than $2.1 million in 2010. According to Morrison, the payment was actually part of a cost-saving measure in which senior executives forfeited a deferred compensation plan, instead accepting a lower one-time payout.
Read the entire article from The Los Angeles Times or read more about the government takeover of Telesis Community Credit Union.
