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Committee advances bill letting state-chartered credit unions allow board compensation
Summary
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.
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.
Emilia Golderi, the New Hampshire bank commissioner, testified she was neutral on policy and noted roughly 20 other states permit some model of board compensation for state-chartered credit unions; she framed the bill as making New Hampshire more comparable to peer states and said the department is available to answer technical questions about banking law. Representatives from credit unions, including Jessica Avery of the Cooperative Credit Union Association and the president of a state-chartered credit union, described governance burdens on volunteer boards and said compensation can improve accountability and attract qualified candidates.
The committee heard no opposition testimony in the record and voted in executive session to report the bill out of committee by voice consent.
Next steps: SB 487 was reported out by the committee and will proceed to the Senate calendar.
