SOUTHFIELD, Mich.—Following what it described as a “vigorous discussion,” the Michigan CU League’s board has voted against moving forward with the proposed amendment to the Michigan CU Act that would allow for CU board members to be compensated.
The league said it is currently working with the state legislature on more than 50 changes to the Michigan CU Act as part of an update, but paying board members will not be one of those changes.
In its Michigan Monitor, the MCUL said that league EVP/COO Ken Ross said that “the issue was not only robustly debated at the MCUL board meeting, but that it was a hot topic for discussion at each of the first quarter chapter meetings” that he and MCUL President/CEO David Adams attended.
“While a number of board members were supportive of continuing to make the state charter as progressive as possible and agreed with the value of removing artificial barriers to flexibility in the law, ultimately the timing was not right for such a change in 2015,” the league reported. “And while the board discussion reflected the general discomfort with moving forward with the issue at this time, there was recognition that there was a diversity of opinion on the matter within the Michigan credit union community. As evidenced by discussions at chapter meetings around the state in 2015, this issue was successful in spurring spirited discussions on both sides of the debate, which are certain to continue on into the future.”