Tuesday, February 11, 2020

Virginia Bill Would Allow CUs to Pay Board of Directors

A bill (HB813) in the Virginia legislature will permit Virginia state chartered credit unions to pay members of the board of directors and credit and supervisory committees.

The bill would require the board of directors to develop a written policy regarding compensation.

Total annual compensation to individual board or committee members cannot exceed $6,000.

The bill excludes accident, health, and term life insurance for a director or committee member will not be considered compensation.

Also, directors and committee members may be reimbursed for expenses, while on official credit union business.

The bill unanimously passed the Virginia House of Delegates.

Read more.
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