LAS VEGAS-Although two states recently began allowing state-chartered credit unions to pay board members, credit union volunteers attending the National Directors' Convention here panned the idea in interviews with Credit Union Journal when asked, "What do you think of paying board members?"
Danny Holst
Director
Central Star CU
Wichita, Kan.
Our board is all volunteers and it has worked very well for us. There is no need to change. For smaller credit unions the cost would be prohibitive.
Jennifer Dixs
Director
Landmark CU,
Danville, Ill.
I do not think it is a good idea. It sets a bad example for members. If we are all in this together as a credit union, payment to serve on the board is contrary to that mission. Plus, there is a possible conflict of interest if someone is being paid to be on the board. It goes against why we exist-to benefit the community.
Stewart Isaac
Director
Hartford Municipal EFCU
Connecticut
I am really not for it. I think being on the board is something you volunteer for. If you volunteer, you want to help the credit union and money is not the motivating factor.
Denise Wheeland
VP of operations
Providence FCU
Milwaukie, Ore.
If a credit union paid each director say, $1,000, and the board collectively donated that $5,000 or $7,000 back to the community, that would be far more powerful than each person keeping the money.
Shirley Cole
CEO
Providence FCU
Milwaukie, Ore.
We have been watching this carefully since Washington passed the law. How paying directors works out really depends on expectations of what it will bring. It will be interesting to see different credit unions' philosophies on how to handle this.
Doug Esmond
Director
First Service CU
Houston
I am totally against it. I am a volunteer and I do not donate my time for anything I do not care about-the church, the credit union or donating blood. It is just a really bad idea to pay directors.
