All the responsibilities put on a credit union board necessitates that regulations should allow for credit unions to have the option to pay their board members. For their work, qualified board members should have the option to be paid.
The word qualified is important. I’m not saying credit unions should just start paying their board members. Credit unions need the right board members, who may very well be existing board members, and then they should pay them. That would go a long way to attracting knowledgeable and effective board members.
The credit union philosophy is not for profit, not for charity, but for service. Credit union board members take on a lot of work and responsibility and it is completely justified that they should be compensated for that.
CU Times - October 28, 2010
