LAS VEGAS While the concept of getting paid for something formerly done for free might seem attractive, credit union board members attending the 36th Annual Directors’ Convention here Wednesday panned the idea of CUs paying volunteers.
In a decidedly unscientific poll by Credit Union Journal, four out of four directors turned thumbs down to paying board members. Doug Esmond, director for First Service CU, Houston, said flatly, “I am totally against it.” Steward Isaac, director for Hartford Municipal Employees FCU, Hartford, Conn., stated he is “not really for” the idea, adding, “I think it should remain a volunteer position. If you volunteer, you want to help the credit union and money is not the motivating factor.”
Shirley Cole, CEO of Providence FCU, Milwaukie, Ore., said she has been watching the news on this issue carefully since neighboring Washington passed a state law allowing credit unions to pay directors. “It will be interesting to see the different credit unions’ philosophies on how to handle this,” she said.
Look for more coverage of the Directors’ Convention in the print edition of Credit Union Journal.
