CU CEO Salaries Rise Faster Than Economy
MADISON, Wis.–Salaries for credit union CEOs’ salaries rose 7% in 2008, faster than the rest of the economy but down slightly from last year, according to the 2008 CUES Executive Compensation Survey.
Other CU executives are also being paid more this year. In the $500-million to $1-billion asset range, credit unions are paying more on average for CEO base salaries than banks; however, banks re-emerge on top when bonuses are added.
Incentives are widely used at CUs as nearly 80% of respondents cited receiving bonus or incentive payments. However, those bonuses are still small relative to the banking sector.
Additionally, survey results show that bonuses are closely tied to and increase with CU size, though CU earnings and board evaluations are most often cited as driving bonuses.
Suit Claims CU Posted Account Numbers Online
ORLANDO, Fla.–A member of Central Florida Healthcare FCU has filed suit against the credit union claiming it posted an internal audit document online for three weeks that showed some members’ Social Security numbers, account numbers and birthdates.
The credit union said it is investigating the incident, which it discovered July 30 after the member’s attorney contacted it.
The credit union says no more than 187 members’ information was available online. It is in the process of contacting those members.
Shell FCU Promotes Chief Operating Officer to CEO
DEER PARK, Texas–Shell FCU has promoted Jose Rodriguez, its vice president of operations, to be CEO of the $325 million CU.(c) 2008 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.http://www.cujournal.com http://www.sourcemedia.com
