Oregon joins the ranks of states permitting credit union board compensation

Jim co-wrote an article with Chris Burns-Fazzi on Oregon's new board compensation law.

On June 16, Oregon governor Kate Brown signed into law a bill that will permit reasonable compensation for members of state-chartered credit union boards of directors. The new law makes Oregon the 16th state to permit board compensation, and the third to permit the practice in the last three years.

NAFCU Services | Compensation and Severance Plan Rule Changes May Impact Your Credit Union

Upcoming IRS regulations may require changes to your nonqualified deferral plans and severance plans. Kirk and Jim explain more on the NAFCU Services blog.

CA/NV CUL | Snake Oil Or Liquid Gold? A Board’s Guide To Due Diligence For Loan Regime Split Dollar

Jim and Kirk wrote a piece for the California and Nevada Credit Union Leagues on loan regime split dollar. PDF

CA/NV | Expansion of the Interagency Statement Among State and Federal Regulators

Jim wrote a piece for the California and Nevada Credit Union Leagues on the expansion of the Interagency Statement. PDF

CU Times | Board Guide to Loan Regime Split Dollar

Kirk writing at CU Times:

Is loan regime split dollar snake oil or liquid gold? How is a board to know? If it works, LRSD is a powerful tool for compensating key executives and preserving credit union assets. If it doesn’t work, the costs to the credit union and the participating executives are high.

The purported advantages over traditional nonqualified deferred compensation plans have led directors to consider LSRD. But boards can find LRSD due diligence daunting. However, like eating the proverbial elephant, the diligence due is more easily pursued in a series of small questions.

CU Business | Best Executive Compensation Practices

Jim and I wrote an article for Credit Union Business on the best practices for executive compensation.

By carefully managing executive compensation, a credit union’s board of directors can minimize the risk that executives, members, the public, or regulators will complain about or challenge how they compensate top management.

We have discovered what does and doesn’t work after years of working on executive benefits for tax-exempt organizations. Here are some ideas your organization should consider adopting.

CU Business | Loan Regime Split Dollar

Kirk wrote an article on loan regime split dollar with Chris Fazzi.

Not long ago, shouting “split dollar life insurance” was a sure way to empty a crowded room of credit union directors and executives. However, thanks to law clarifications, product enhancement, the current low interest environment, and administration improvements, loan regime split dollar is now attracting positive board and executive attention.

Download the PDF