If the radio is played softly and only for the benefit of the president, would your answer be different?
Legally...it depends on whether the customers could hear it, etc. Practically, ASCAP tends to only go after egregious violations, and even then, they tend to be pretty reasonable. If the credit union president has a desk on the main floor near where the customers are, and likes to play a bit of soft radio music, I doubt ASCAP would pay her a visit. On the other hand, setting up speakers in the lobby, and playing it to entertain customers while they wait for a teller will eventually draw their interest for sure.
I agree. ASCAP and BMI are not likely to spend time with a bank president playing a radio in his office softly, but rather only if he is playing for employees and customers either by putting a radio in a customer area, using speakers or playing it over the intercom.