DENVER—Colorado Governor John Hickenlooper has signed SB 125 into law, which gives state-chartered credit unions in Colorado the authority to compensate board members.
SB 125 also allows an audit committee to replace a supervisory committee. The new law goes into effect August 10, 2016.
Colorado is among a growing list of states allowing credit unions to compensate board members. Last year Oregon updated its Credit Union Act to allow state-chartered credit unions to pay “reasonable compensation” to board members.