We compensate board members more out of a sense of fairness than anything else," explained Lin Hodges, president/CEO of Associated Credit Union of Norcross, Ga.
"I just don't think we should use the argument that people should serve on a volunteer board because we have a higher calling. I just don't think that recognizes today's busy world and the way our financial institutions have changed. It has become dramatically more difficult," Hodges added.
Only a small percentage of credit unions pay directors in states where board compensation is permitted to pay directors. What's more, most credit unions pay small stipends that range from a few hundred dollars or about $1,000 to $7,000 a year. However, in at least one instance, that pay exceeds $90,000 a year.
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