ARLINGTON, Va — NASCUS has released the results of its detailed survey of how state-chartered credit unions are serving their members.
The organization worked with regulators in 47 states that have state-chartered credit unions to fulfill a request which originated with the House Ways and Means Committee in 2006.
Responding to the request, NASCUS engaged a statistician to develop a representative sample of the nation's state chartered credit unions and then reviewed the selected credit unions in four specific areas; the income levels of their members, the compensation paid to their executives, their payment of unrelated business income tax and their use of CUSOs.
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The study found that, on average, 47% of state-chartered CU members have lower incomes than average in the metropolitan areas and 53% have incomes which are higher than the average.
It found that larger credit unions pay their executives more than do smaller ones (average compensation, $48,000 for a CU of under $10 million in assets and $197, 600 for a CU of over $500 million in assets).
It also found that state-chartered credit unions of all asset sizes invested in CUSOs and that data on state-chartered credit unions payment of UBIT was largely unavailable due to lack of guidance on the tax from the IRS at the time NASCUS conducted the survey.
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