Bill Cheney, president/CEO of the California and Nevada Credit Union Leagues, received $545,178 in salary and benefits during 2007, plus contributions toward a retirement plan worth $175,512 and a $10,000 expense account, according to IRS forms obtained by the Credit Union Times.

"The California Credit Union League is the largest organization among state credit union leagues, representing over 400 credit unions in California and, through a management services agreement, Nevada," said Brett Martinez, California league chair. "The responsibilities of the CEO are extensive, and the league feels strongly that the position deserves compensation consistent with the expertise required to successfully lead the organization ahead-especially during these difficult economic times."

Furthermore, Martinez added, Cheney himself requested a suspension of all league salaries and bonuses this year, which "has resulted in a significant decrease in his total compensation."

Eric Bruen, president/CEO of the $19 million Desert Valleys Credit Union, said he thinks Cheney's compensation is appropriate, saying, "Bill earns every cent of it."

Bruen said in his opinion, the California league is second only to CUNA in industry leadership, and the organization provides several complicated products and services to members.