It's all about disclosure. I’ve been covering the credit union community for 14 years and had no idea some volunteer directors are paid.
Part one of this analysis of credit union board compensation by Credit Union Times. From our July 3 print edition.
There are some good reasons to pay credit union board members. But why aren't the bankers objecting?>
Washington Gov. Jay Inslee signed a new law Monday that gives state-chartered credit unions the option to pay board members.
Measure would make Washington the 11th state to allow board member pay.
State-chartered credit unions in Volunteer State can now pay volunteers.
Measure allowing Volunteer State credit unions to pay volunteers awaits only governor's John Hancock.
Tennessee becomes second state in past two months to take up whether to allow credit unions to compensate board members.
Measures go before House, Senate panels in Olympia; supplemental capital proposals dropped from bills.
Make clear to new board members what their responsibilities are, what’s expected of them if they are to serve the credit union. Set those standards high.