The Form 990s for Trumark Financial Credit Union in Philadlphia, PA showed that director compensation increased by almost 29 percent between 2010 and 2011.
The total compensation for the 9 member board increased from $351,468 in 2010 to $452,567 in 2011. The average compensation went up from $39,052 in 2010 to $50,285 in 2011.
2011 compensation of board members ranged from a low of $33,474 to a high of $65,836.
Pennsylvania is one of several states that allows state-chartered credit unions to compensate their board members.
Perfect example of why volunteer boards is a menace to credit unions and society.
ReplyDeleteTruMark, extremely well run with consistently good results and no governance issues.
Compare this to the den of thieves at other credit unions that abscond a travel and convention budget similar to TruMark board salary and bring nothing back to improve the credit union.
The single biggest threat to credit unions is the volunteer and acts like board.
They Think it's their credit union and tell professionals how to run it.
Or.
They think it's their's to pillage and keep feeding cuna and cues with attendance at conferences in outlandish locations while year after year the credit union gets a zero return on the money spent.
Or.
They refuse to merge into a better credit unions and allow their members better value and convenience, so they can continue to go to Cuna and cues conferences.
Or.
They don't live to fiduciary duty and eventually ruin a good institution such as Continental.
Or the running governance joke of all financial services, Polish and Slavick whose board should have been removed years and multiple CEOs ago.
No thanks.
As a board member of a good credit union that does not pay its board but should, it's refreshing to see TruMark do the right thing.
These credit unions are not shoe box lend on faith to a factory worker local cooperatives anymore. The large ones are banks in no tax paying clothing, with all the other issues, challenges and threats.
This requires, and has required, change that has not kept up with the growth and transition to bank-like behavior. The boards of some large credit unions are outright scary and a risk to the system.
Pay peanuts, you get monkeys.
Allow too much pay, you get Citi.