It may be common–and it certainly is permitted under NCUA rules–but debates are beginning to be heard among some credit union experts when it comes to credit union employees (frequently the CEO) serving on the board of directors as treasurer.
Industry experts bat around whether CEO serving as board treasurer is a good idea. Drugs and fraud case is an example. Print story online now.
Call CEO pay the credit union governance hot potato. “This is certainly an increasingly hot topic,” said attorney Michael Lozoff, chair of the credit union practice at Shutts and Bowen in Miami.
Governance questions may not get more visceral – who makes the biggest decisions at a credit union? The question is easy to ask, but for some, it can be bafflingly hard to answer.
Credit union consultant, blogger and Capitol Hill veteran Marvin Umholtz said the nation’s growing political divide is apparent among credit union leaders and fuels comments he receives from his readers and colleagues.
CUNA has been receiving feedback regarding league endorsements and PAC donations that reflect divide, said President/CEO Bill Cheney.
The Temporary Corporate Credit Union Stabilization Fund made progress against legacy asset losses in 2011, improving the fund’s net position from 2010, according to audited financial statements released by the NCUA. The fund also received a clean report from outside auditors.
California Credit Union League President/CEO Diana Dykstra said she’s upset about a string of lawsuits in her state accusing credit unions of unfair and illegal overdraft practices. And she accused attorneys in the state of “fishing for members.”
CUSO CEO's comments about suits against California credit unions accused of ordering transactions to maximize overdraft fees.
Former credit union lobbyist Marvin Umholtz said the industry shouldn’t fear a new banker super PAC, saying the Friends of Traditional Banking PAC, will function “more like a scalpel than a battle axe.”