Credit union compensation kept secret
HONOLULU - A gap in federal law allows Hawaii credit unions not to publicly disclose the salaries of top executives.
The secretive nature of management pay is raising questions at a time when the industry is lobbying to preserve exemption from Oahu property taxes.
Other nonprofits in Hawaii and nearly 3,000 credit unions on the Mainland are required to disclose compensation data for their highest-paid executives.
City Council Budget Chairwoman Ann Kobayashi said if Oahu's larger credit unions are unwilling to disclose that information, they could lose all or a portion of their property tax exemption.