“Denver Credit-Union CEO David Maus’ $11 Million Pay Package Stuns Industry”

The “industry” to which the above headline refers is the credit union industry. Even they are stunned. But we bankers aren’t. We have known for years where credit union “profits” go—outsized salaries and buildings. Just read this report from the Denver Post.

And credit unions want to increase their member-business-lending authority? Why, so they can pay more credit union CEOs Wall Street–size salaries rather than serve people of modest means? And this is what they will do with the TAX-FREE income from their commercial loans???!! Really?

This is an outrage, but, sadly, not unusual. Telesis Community Credit Union, which just failed recently because of failed MBLs (as reported in the Credit Union Journal), paid their CEO $2.1 million per year while the credit union was going down. Wake up bankers—rattle the cage in Congress!

6 thoughts on ““Denver Credit-Union CEO David Maus’ $11 Million Pay Package Stuns Industry”

  1. Thanks for keeping the spotlight on this important issue. You are right on. Tax free earnings = more money to spend on salaries and fancy buildings. I don’t dislike credit unions, I just prefer a level playing field.

  2. Thank you for trying to get a level playing field for those in Community Banking with financial businesses that get tax free earnings!

  3. All we want is a level playing field! The fundamental model of Credit Unions has been bastardized beyond its original mission. They are banks, let them pay taxes life the rest of us!

    • No wonder Mark Udall, the Colorado senator, is the sponsor of the bill.

      Ron Paul’s father Ron Paul just signed on as a co-sponsor in the House itwo month’s ago. I’m disappointed because I thought he had more economic sense.

      I contacted Pete Sessions office in Dallas and they did not know the tax free aspect of the credit unions. Community bankers should take ten minutes to educate their Representatives.

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