Your statement that “Credit union executives don't work for private companies” (Credit Union Times, April 16, page 14 column) is as far from the truth as it can be. It is true that credit unions are nonprofit and that most if not all nonprofits' salaries for top executives are available to the general public.

However credit unions, while being nonprofit, are a very private companies. As an example the population of the United States is estimated to be about 300 million. Of that number, we have a total membership of 4,600. Our potential as reported to NCUA is 25,000. Even if every one of our potential members joined today that would still leave 299.975 million people in the United States that have no connection whatever with the credit union.

Why should I be required to tell 299.975 million people what my salary is? I don't know most of those individuals, I don't even know most of our potential members. In fact, I don't know you, but I would guess that you are not eligible to join our credit union at this time. What purpose would it serve for you to have access to my salary information? None.

I think the best argument against this is the simple fact that credit unions, while nonprofits, are in fact private companies. By law credit unions are restricted in who they may allow to join the credit union, and no matter how large a number that is, it is still limited. You seem to have missed this point in your comments about the salary situation.

Credit unions are probably the only business that has restrictions imposed by an outside authority dictating who we can conduct business with. Other nonprofits, such as United Way, the Red Cross, heart research foundations, cancer research foundations, colleges, hospitals, and the list goes on and on. All of these can, and do, reach out to anyone for donations. Should this type of organization be required to make certain disclosures to the general public? Yes, in most cases if not all cases.

Credit unions on the other hand, now and always will be restricted by regulation as to whom we can offer our services. That is the most legitimate reason that the disclosure of personal information regarding the salaries of the top executives of any credit union should never be required, or expected, by NCUA or any other government agency.

David A. Roman
CEO
Cosden Federal Credit Union
Big Spring, Texas