FEDERAL WAY, Wash.-Credit union board members have traditionally worked for free. But being a "volunteer" is becoming more lucrative, with directors in some states earning upwards of $90,000 a year to serve.
Some credit unions directors in Indiana, for example, can earn as much as $93,000 a year for serving on boards. In Pennsylvania, a credit union director can earn as much as $68,836, according to data collected by the Northwest CU Association, which is working with state regulators to set limits on its new directors' and supervisory committee members' pay law.
Washington and Tennessee joined 11 other states this year in allowing credit unions to pay their one-time volunteer board members. Federally chartered credit unions are still barred from paying directors and committee members.
The Northwest CU Association collected examples in six different states where state-chartered credit unions are allowed to pay their directors: Minnesota, Georgia, Indiana, Rhode Island, Pennsylvania and Maryland.
Teachers CU in Indiana, for example, has 10 paid directors who earn from $16,150 to $93,000 a year. It also pays four committee members between $2,600 and $6,900 a year.
What Others Are Paying
TruMark Financial CU in Pennsylvania pays nine directors between $33,474 and $65,836.
Pawtucket CU in Rhode Island pays nine directors between $11,075 and $35,555; pays four supervisory committee members between $9,000 and $12,300, and pays two members of its credit committee between $13,020 and $21,436.
Navigant CU in Rhode Island pays 10 directors between $10,560 and $39,100. State Employees CU of Maryland pays 10 directors from $19,304 to $29,060. Pennsylvania State Employees CU pays nine directors from $10,450 to $18,588.
Red Wing CU in Minnesota pays seven directors from $125 to $300 to serve on the board.
Associated CU in Georgia pays 15 board members from $3,000 to $6,000 and Georgia's Own CU pays 14 directors from $6,000 to $7,200. Atlanta Postal CU pays five directors between $5,600 and $7,200.
