Committee advances bill letting state-chartered credit unions allow board compensation
SB 487 would allow state-chartered credit unions to enable member votes to permit compensation for board members; supporters said it modernizes governance and helps attract qualified board candidates, while the banking commissioner testified neutral and available to answer technical questions.
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The committee advanced SB 487, enabling state-chartered credit unions to allow member votes that would permit compensation of board members. Senator Dan Innes, the prime sponsor, described the bill as "enabling legislation" that would not mandate pay but would allow credit unions to opt in through democratic member votes. He said the change would modernize governance and help recruit skilled directors.
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