SALEM, Ore.–Oregon has updated its Credit Union Act to allow state-chartered credit unions to pay “reasonable compensation” to board members.
The legislation had the backing of the Northwest Credit Union Association. In addition to the board compensation, SB 582, signed by Oregon Gov. Kate Brown:
- Removes the membership share requirement for state chartered CUs.
- Clarifies that foster children are eligible for membership.
- Removes the requirement that the DCBS approve new branches.
The changes go into effect Jan. 1, 2016.
The Filene Research Institute has just released a study of board pay that acknowledges it is a “divisive issue.” Details of that study can be found here. http://www.cutoday.info/Fresh-Today/Should-Board-Members-Be-Paid-Study-Probes-Divisive-Issue