Credit Union Director Compensation Bill Advances in Virginia
February 26, 2020 — Recently, the Virginia House and Senate passed Virginia Credit Union League-supported companion bills that would permit state-chartered credit unions to compensate board members. The legislation, HB 813/SB 296, caps compensation at $6,000 annually and exempts certain insurance coverage for officials from the compensation calculation. Because of the limits placed on the compensation, bankers dropped opposition to the measure.
Credit unions have historically had all volunteer boards and while most still do, a small but growing number have begun offering compensation in recent years in order to better attract candidates with the skills necessary to oversee a modern complex financial institution. Virginia supervisory and credit committee members can already be paid.