Call CEO pay the credit union governance hot potato. “This is certainly an increasingly hot topic,” said attorney Michael Lozoff, chair of the credit union practice at Shutts and Bowen in Miami.

Top executive pay is a topic that many in the industry want to duck, and the reason is as plain as the avalanche of bad press won by David Maus when it was revealed that the CEO of Public Service Employees Credit Union in Denver was paid more than $11 million in 2010 by the $1.1 billion institution. And then there was the $2.1 million paid in 2010 to Grace Mayo, CEO of Telesis Credit Union, a $301 million institution in Chatsworth, Calif. that was liquidated in June 2012. That too won an enormous amount of press, mainly bad, and an upshot is widespread industry reticence about addressing this topic in public forums.


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