✅ In most states, voluntary service by credit union members on their Board of Directors is a core statutory and cooperative hallmark of credit unions. California is no exception!
Here's the law in California: Financial Code section 14410 (a)(1): "A member of the board of directors, supervisory committee, audit committee, or credit committee shall not receive compensation for the member's services as a member of the board of directors, supervisory committee, audit committee, or credit committee..."
✔ SAFE Directors are not compensated. BECU directors are paid to the tune of $125,000 per year! 'Course the BECU Board is required to meet four times a year, so that's only $31,250 per meeting... probably not even $10,000 an hour!
✅ Of the @180,000 households in Sacramento [link], 66.8% of all those Sacramento households earn less than $125,000 on an annual basis. Not unreasonable to say that two-thirds of SAFE working families earn less in a year, than the SAFE directors "self-advancing" to the BECU Board will collect.
😎 Of course, the SAFE Board did not disclose in the member notice the names of the SAFE directors who will receive that little $125,000 "perk" (for a minimum of 3 years!) It's a secret, buried in that 2025 "definitive agreement" no one is allowed to see. "People Helping People", or "People Helping Themselves"?
✔ Would a "payout perk" of a part-time job paying $125,000 per year affect your vote? Be honest.
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