By Bob Katzen

The House and Senate gave final approval to and sent to Gov. Maura Healey a bill that would allow credit unions to compensate their board members for their service.

“I was proud to sponsor this legislation which would modernize current law by allowing credit unions to compensate their board members for their service,” said sponsor Sen. Pavel Payano (D-Lawrence). “Under existing statute, board members may only be reimbursed for expenses incurred in the performance of their duties.”

Payano continued, “This bill would permit compensation to be set and approved by the membership at an annual meeting, giving credit unions the flexibility to determine appropriate levels of compensation as needed … Credit unions play a vital role in supporting our communities, and this update will help them attract and retain strong leadership, strengthen their institutions and enhance their ability to serve their members. We look forward to seeing the governor sign this important legislation into law.”