Many expound about credit unions, but few seem to know what they are talking about. I was an officer of a local credit union for 31 years. Did I receive any pay or salary for my time and efforts? No. Not one penny.
I recently resigned my seat on the board of directors, and people say, "Boy, you must have gotten a real pension from the credit union." I have to tell them I received no salary, no retirement/pension, no personal benefits whatsoever.
During my tenure as a board member, I was required by law to assume the same fiduciary responsibility and liability as an officer of any other financial institution. I suggest those who have so much to say about high-paid credit union officers study credit unions and the credit union philosophy.
Eldon Nye
Magna