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About
Created by the U.S. Congress in 1970, the National Credit Union Administration is an independent federal agency that insures deposits at federally insured credit unions, protects the members who own credit unions, and charters and regulates federal credit unions.
Regulation & Supervision
Regulation & Supervision
The NCUA protects the safety and soundness of the credit union system by identifying, monitoring and reducing risks to the National Credit Union Share Insurance Fund. Backed by the full faith and credit of the United States, the Share Insurance Fund provides up to $250,000 of federal share insurance to millions of account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.
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Analysis
The NCUA’s economists and analysts compile data on the credit union system’s financial performance, merger activity, changes in credit union chartering and fields of membership, as well as broader economic trends affecting credit unions. Users can find information on a single credit union or analyze broader nation-wide trends.
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Support Services
The NCUA provides a number of support services to the credit union system, such as providing training, grants and loans, chartering, and field-of-membership services; maintaining the health and stability of Share Insurance Fund; managing the assets of failed credit unions; and providing emergency liquidity.
Consumers
Consumers
The NCUA works to protect credit union members and consumers, raise awareness of potential frauds, facilitate access to affordable financial services, and educate consumers on the importance of savings and how they can improve their financial well-being.
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Cybersecurity Resources
Cybersecurity Resources
Cyberattacks and cybersecurity vulnerabilities pose significant risks to the financial system. Because of vulnerabilities within the credit union industry and the broader financial system to potential cyberattacks, cybersecurity is one of the NCUA’s top supervisory priorities and a top-tier risk under the agency’s enterprise risk-management program.

Director Compensation

93-0331 / March 1993

Director Compensation

Subject

Governance

Historic Status

Non-historic

March 29, 1993

Ilene M. Tamlyn
Chief Executive Officer
UFCW Northwest
Federal Credit Union
12650 S.E. Stark St.
Building I
Portland, OR 97233

Re: Compensation of Directors (Your Letter of March 19, 1993)

Dear Ms. Tamlyn:

You requested an opinion regarding the ability of a federal credit union ("FCU") to compensate a board member/officer, serving only in that capacity, when another director is a paid employee of the same FCU. This is permissible. Section 112 of the FCU Act permits only one director to "be compensated as an officer of the board." 12 U.S.C. ~1761a. The compensated officer can be any officer of the board. This position has long been held by the NCUA. See Letter from James J. Engel, NCUA Deputy General Counsel, to Ms. Jeannette Perez, Re: Paid Employees Serving as Directors, dated June 27, 1991 (enclosed) and Letter from me to Henrietta Rogers, Manager, Wheat Street Church FCU, Re: Opinion Letter ~890905, dated July 24, 1990 (enclosed, with attachments).

Sincerely,

Hattie M. Ulan
Associate General Counsel

Enclosures

GC/MEC:sg
SSIC 4062
93-0331

Last modified on

11/14/24