SAN DIEGO, Calif. — NCUA Vice Chairman Rodney Hood drew the loudest cheers from yesterday afternoon's NAFCU convention crowd when he announced something he doesn't support: making credit union executive compensation public.
"It hasn't come before the board yet, but in my opinion, quite frankly, your salaries are none of my business," Hood said, drawing cheers and applause from the standing room only crowd of about 250.
"What you make is not for me to decide, it's between you and your board. If your members want to know, they can ask you. And we're just too busy, we want to focus our attention elsewhere," he added.
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Hood said the issue arose in the House Ways and Means Committee, which were looking into the salaries of non-profit hospital administrators, some of who were earning upwards of $3 million per year. Word spread around Washington that some credit union executives were raking in seven figures, too.
"Personally, if I had to make a plug, I think some of you need another zero attached to your salaries," Hood said, drawing another round of cheers. "You're running very complex institutions today, not just showing up cavalierly, but making difficult decisions in tough markets."
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