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Compensating credit union board members–It’s an idea whose time has come! This is another example of a much-needed modernization to ensure credit unions remain viable financial institutions. Paul Gentile was absolutely right when he said in his August 8, 2007 column, “It’s all about the members, not the volunteers.”

Compensating board members will help to ensure credit union boards are well balanced professionally and demographically to reflect the members they serve. The increased competition to fill vacant board seats will give credit unions the broadest and best selection of available talent. As an industry or as a movement–take your pick–we need the most qualified, and they may not always be the most available. We need to establish added motivation for new board members; motivation that will bring a variety of skills to our industry to better ensure its continued growth, profitability and expanded member services.

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