Colorado and Arizona recently joined the growing number of states that allow state charted credit unions the controversial option of compensating board members.

Working with lawmakers in Colorado and Arizona earlier this year, the Mountain West Credit Union Association introduced bills that were passed by the legislatures in both states that give state chartered credit unions the option to pay their board members reasonable compensation. Arizona's law also allows credit unions to pay committee members.

What's more, since 2011, when a provision on board compensation was included in CUNA's Model Credit Union Act, three other states – Oregon in 2015, and Tennessee and Washington in 2013 – passed board compensation laws that were crafted and lobbied for by state leagues. Although the Michigan Credit Union League board considered board compensation last year, the proposal was nixed because it wasn't the right time, Dave Adams, the Michigan league's president/CEO, said.