Colorado's credit union league on Wednesday came to the defenseof David Maus, the president/CEO of the $1.1 billion PublicService Employees Credit Union of Denver, following an attack bythe banking lobby over his pay.

The broadside by the Colorado Bankers Association appeared in aDenver newspaper this week and comes as PSECU prepares for itsannual meeting this Saturday.

It was disclosed last month that according to PSECU's IRS Form990 from 2010, Maus was paid $11 million in 2010 includingretirement compensation and other income.

In a blog posting, the president/CEO of the Colorado BankersAssociation, Donald Childears, hit on what he called a “tax subsidyfor credit unions” and that the tax exemption “is not meant toprovide this level of compensation” for the CEO of a creditunion.

In 2010, “Public Service Employees Credit Union made a netincome of $12.2 million and paid zero in taxes,” wrote Childears.“A bank making that same amount would pay almost $5 million inincome taxes. Credit unions need to pay their fair share.”

Scott Earl, president/CEO of the Mountain West Credit UnionAssociation, said in a statement, “Given difficult economic times,I understand the general feeling of alarm from the public. I alsorecognize the board of directors' position and responsibility toretain quality leadership during difficult economic times. “Creditunions are democratically controlled. This means that the board ofdirectors are voted on by the members and volunteer their services.They benefit solely from acting in the best interest of theirfellow members; they are not paid. “The cooperative structure ofcredit unions makes them unique to other financial institutions.Salary and total compensation cannot be compared and are subject toboard decision. Mr. Maus's compensation package reflects his nearly33 years of service and successful growth efforts.”

He added, “Ultimately, this is an issue between Mr. Maus, theboard of directors and the members of Public Service Credit Union,not the general public or even the credit union community.”

Earl said that those “who know and understand how a credit unionoperates should respect the process this board went through and thedecisions they have made to compensate and retain their CEO. I havehad the pleasure of working with Dave for more than 25 years. He isextremely well-respected as a leader and has spearheaded the growthof Public Service Credit Union during a difficult time forfinancial institutions.”