Between 2014 and 2016, Boeing Employees Credit Union (BECU) significantly increased the pay of credit union officials.
In 2013, Washington-state authorized allowing state chartered credit unions to provide reasonable compensation to credit union officials.
Starting in 2014, BECU’s directors and audit committee members could earn annual stipends ranging from $14,000 to $25,000, depending on the position and committee service. The board’s chair received $25,000.
In 2016, annual stipends for directors and committee members will range from $40,000 to $50,0000.
The board's chair would see a doubling in compensation to $50,000 compared $25,000 in 2014.
BECU stated that the compensation of directors and audit committee members will "not exceed the median of compensation paid to directors of a peer group of organizations of similar size and complexity, including organizations such as credit unions, other types of financial institutions, financial services companies, and non-profit organizations."
To review the 2016 quarterly stipend schedule approved by the credit union's board, click here.
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Sounds like their median excluded those receiving compensation of zero.
ReplyDeleteYou are confusing a credit union with a real company.
DeleteBECU is a bank with a federal tax exemption. It has around $10B in assets. It's not serving the underserved. Nor are about 300 other banks with federal tax exemptions.
A credit union is a small cooperative making loans to the underserved within in a fairly tight field of membership.
There are very few of those left.
The rest of the credit unions in between are small banks with a federal tax exemption that never grew big enough to be viable.
Where is it written that credit unions must be small? That credit unions must have a fairly tight field of membership? Yes, a regulatory approved FOM is required.
DeleteWhere is it written that banks can have a trillion dollars in assets? That was not the intent when nationwide branching became available with GLB.
If banks can operate like it is 2016, then credit unions should be able to operate like it is 2016. As long as both are following laws/regulations applicable to their operations.
Feed the needy not the greedy. They show up once a month to a board meeting and earn more than the tellers working a full time gig. Looks like the help are getting the shaft while the board pimps 'em like pigs at the damn trough.
ReplyDeleteTony,
DeleteToo bad you can't delete your post.
Now, you can't retract the obvious lack of understanding of how business works.
As well, your obvious pandering to the cu mentality.
The risk ALONE mandates that a institution of this size attract directors with acumen and experience that can be drawn on to help management decisions for the well being of the organization and its members.
These people probably don't attend one of the COUNTLESS and MEANINGLESS conferences where "experts" like you bring your sales pitch.
But your volunteer directors who you pander to spend $50,000 per year of member money going to the cu TROUGH of boondoggles that over the years has done ZERO for the members but made CUNA cues and Nafcu managers 1% ers.
Next time, before you press "submit" ask yourself if you're as smart as you think you are.
I wonder how the heck NAVYFCU & PENTAGONFCU among other multi-billion FCU's manage to suceed without jucing off the directors. You see FCU's can't juice the directors. But the state charter CU can. So do you suggest those at PentagonFCU & NAVYFCU...working as free volunteers are stuck on STUPID? And you are wrong they have a travel budget at BECU that is 1st Class. WHY? Because they are spending OPM...Other Peoples Money.
ReplyDeleteYou can name exceptions to anything. It doesn't make your argument a good one.
DeleteIf you knew anything about those 2 credit unions you'd know how they're able to do it.
Banks grease directors like pigs at the trough. Banks pay taxes. BECU is greasing directors like pigs at the trough. BECU hides behind the credit union not for profit credit union charter. BECU is playing in the bank sandbox while hiding behind the credit union charter. BECU should trade in the credit union charter. BECU should get a bank charter. BECU should pay taxes just like the banks. BECU pays directors like a bank, and BECU conducts business like a bank. BECU should pay taxes like a bank. NAVY & PENTAGON don't grease directors - they adhere to the credit union moral and ethical compass.
ReplyDeleteThat's hilarious.
DeleteMoral and ethical charter.
Funny if not so naive.
Most people in the credit union space know how greased the directors are. It's just different. They travel on cruises, boondoggles to Vegas, Maui, Ireland All over. There are directors getting $30000+ in travel. And it's not "a few". Who do you think is going to all those cues cuna nafcu nascus league co-op cudl and countless other conferences?
Directors.
Should becu be a bank?
Sure as well all the others over $1B.