Massachusetts Enacts Credit Union Board Compensation Law
By CU Today Staff —
BOSTON--A Massachusetts bill supported by the Cooperative Credit Union Association (CCUA) was signed into law by Gov. Maura Healey. H.1338/S.821, An Act Allowing Fair Compensation of Massachusetts Credit Union Directors, allows Massachusetts state-chartered credit union members to decide on board member compensation at credit union annual meetings, America's Credit Unions reported.
Using member credit union feedback, CCUA drafted the legislation, secured sponsors, testified before the Joint Committee on Financial Services, and worked closely with legislative leaders and staff to advance the bill.
CCUA President/CEO Ron McLean said the victory “builds on a strong year of advocacy” for the Association, which also included drafting and passing a public deposit bill in Delaware and board compensation legislation in New Hampshire; as well as securing Sen. Lisa Blunt Rochester (D-DE) as a lead sponsor of the Credit Union Board Modernization Act, enacted into law in July.
Originally reported by CU Today.