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CU Member Perplexed by Secrecy over CEO's Pay "Credit News 24"

Recently, I was contacted by a credit union member who was being stonewalled by the member's federal credit union regarding the pay of the credit union's chief executive officer (CEO).

The credit union member wrote:

"I just received a letter from my Credit union that wasn’t even signed by a person ... telling me that they aren’t going to tell me how much we are paying the CEO."

The member further wrote:

"I am confused doesn’t the CU belong to me as a member? And why would I not be entitled to know what the CEO is being paid? I can find that for any corporation that I own shares in. Don’t I in effect own the CU? This is very strange that this seems to be too much secrecy."

This credit union member asked some important questions.

I agree that this secrecy on executive pay at federal credit unions needs to end.

The only way to improve transparency is for the National Credit Union Administration (NCUA) Board to take action to amend the agency's regulations requiring federal credit unions to annually disclose the total compensation of each senior executive officer.

Acting Chairman McWatters the time has come for you to lead on this issue.

Update: The credit union is a federal credit union and does not file a Form 990.



Title : CU Member Perplexed by Secrecy over CEO's Pay "Credit News 24"
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