We compensate board members more out of a sense of fairness thananything else,” explained Lin Hodges, president/CEO of AssociatedCredit Union of Norcross, Ga.
“I just don't think we should use the argument that peopleshould serve on a volunteer board because we have a higher calling.I just don't think that recognizes today's busy world and the wayour financial institutions have changed. It has become dramaticallymore difficult,” Hodges added.
Only a small percentage of credit unions pay directors in stateswhere board compensation is permitted to pay directors. What'smore, most credit unions pay small stipends that range from a fewhundred dollars or about $1,000 to $7,000 a year. However, in atleast one instance, that pay exceeds $90,000 a year.
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