by. Keith Leggett

An article in the Long Island Business News (LIBN) (paid subscription) looked at the pay increases at credit unions.

Citing results from Credit Union Executive Society survey, the LIBN stated “total credit union CEO compensation rose 8.18 percent in 2013, up from a 5.83 percent increase in 2012 and a 5.07 percent increase in 2011.”

According to the article, the average total CEO compensation for all credit unions was $256,339; but the average CEO compensation package at credit unions with more than $1 billion in assets was $552,318.

However, the article noted that “[w]hile most other nonprofits are compelled to disclose their executive compensation levels, multiple credit unions declined to disclose their numbers to LIBN.”

The time is now for the National Credit Union Administration to adopt regulations requiring federal credit unions to disclose the salary of their highest paid employees as recommended by the agency’s Outreach Task Force report on February 26, 2008. This would treat federal credit unions just like other nonprofit and not-for-profit organizations, including state chartered credit unions.

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