Credit union CEOs who manage more than $250 million in assetsearn more in base salary and total compensation than their bankingcounterparts do, according to the 2013 CUES Executive CompensationSurvey, released Aug. 2.

Is it an apples-to-apples comparison? It depends on who youask.

First, the numbers: in the $250 million to $499 million assetclass, credit union CEOs earn a median base salary of $236,125 andmedian total compensation of $260,522. Bank CEOs in the same assetclass earn median base salaries of $221,053 and median totalcompensation of $247,853.

The difference in pay grows as asset sizes increase. From $500million to $999 million, credit union CEOs earn $350,000 in medianbase salaries compared to $275,206 for bankers; median totalcompensation is $366,068 for credit unions and $344,562 for banks.And in the billionaire's club, credit union CEOs earn $449,948median base salaries and $541,820 total compensation, while bankCEOs who run $1 billion and larger shops comparatively earn$383,750 median base salaries and $483,750 in median totalcompensation.

In its executive summary, CUES said it is important to note thatcomparisons consider only cash compensation. Benefits, long-termincentives like stock options and perquisites are not included inthe analysis, which would inflate total banker compensation, thereport said.

For banks that are publicly traded entities, that is thecase.

“You can't make an apples-to-apples comparison because much ofbank executives' compensation is incentives, bonuses and deferredcompensation,” said CUNA Executive Vice President of StrategicCommunications and Engagement Paul Gentile.

He added that a Wall Street Journal/Hay Group 2012 CEOCompensation Study revealed that long-term performance plansaccounted for 31% total compensation for CEOs that run publiclytraded companies, and bonuses accounted for another 23%.

“Credit unions can't offer these same equity vehicles.Therefore, incentives and bonuses constitute a dramatically smallerportion of credit union CEO cash compensation,” he said.

That may explain why the difference in pay between CEOs atcredit unions and banks increases along with asset size, saidAmerican Bankers Association Senior Economist Keith Leggett. Smallcommunity banks aren't as likely to be publicly traded, and as aresult, can't offer additional compensation beyond cash, just likecredit unions.

Next Page: Competing for Talent

Community banks compete for the same talent as credit unions,Leggett said, so compensation packages at either institution,regardless of asset size and what form that compensation takes,tend to be in line with each other.

“So while banks may have more discretion offering incentivessuch as stock options–and most community banks don't because theyaren't publicly traded entities–you'll find credit unions will makeup for it in other ways,” Leggett said. “That's why their medianbase salaries are higher.”

Compensation is driven by demand, not institution type, headded. Leggett said he doesn't consider credit union compensationto be unreasonable, even for a not-for-profit entity. Credit unionboards and bank boards are bringing in compensation consultantswhen considering what kind of packages to offer executives, andthose consultants consider the entire financial servicesmarketplace, not just credit unions or banks.

“You may find that some may decide to give higher base pay,while others may say, 'we'll give you a lower base but put inincentives for performance',” he said.

Despite competing for the same pool of talent, credit unionsassert on Capitol Hill that they are different from banks. Will thesurvey be used by bankers when they lobby against preservation ofthe credit union tax exemption?

Leggett said the question was beyond his call, because he's nota lobbyist. But he speculated that compensation could open up a canof worms for bankers due to the large packages earned by bigbankers.

“Credit unions could say, well look at Jamie Dimon,” he said.“It's a double-edged sword.”

John McKechnie, partner at the Washington-based strategy firmTotal Spectrum, said throwing rocks at glass houses won'tnecessarily stop bankers from using the survey results in theirlobbying efforts.

“That doesn't mean they won't try it to cause trouble,” hesaid.

McKechnie said he recalls 10 years ago, the last time the creditunion tax exemption was an issue on Capitol Hill, banks did pressthe compensation issue.

According to the survey, credit union CEOs at shops with fewerthan $250 million in assets earned less than their bankingcounterparts. In the $100 million to $249 million class, the creditunion CEO median base salary was $153,300 and total compensationwas $173,605. That's considerably less than bank CEOs managing thesame assets, who received median base salaries of $196,200 andtotal compensation of $221,250. And below $100 million in assets,credit union CEOs earned median base salaries of $101,909 comparedto $130,866 at banks. Total compensation was $106,500 for creditunions and $148,514 for banks.