RICHMOND, Va.–A bill that would allow board members of state-chartered credit unions in Virginia to be compensated continues to move through the legislation.
HB 813, sponsored by Rep. Jeion A. Ward (D-92), provides that “compensation of members of a credit union's board of directors and members of the credit and supervisory committees, including reimbursement for business-related travel, shall be determined by a written policy approved by the board of directors.”
The measure removes the existing prohibition on compensating members of a credit union's board of directors for services as a member.
The bill, as proposed by the House Committee on Labor and Commerce, caps individual compensation at $6,000, and would not count health, accident, and term life insurance protection for a director or committee member as compensation.
The State Corporation Commission 2020 Fiscal Impact Statement notes the legislation will have no fiscal impact on the state’s budget.