Proposed laws that would allow state-chartered credit unions in Tennessee and Washington to compensate board members are moving quickly through their respective state legislatures.
The Tennessee House and Senate unanimously approved legislation Thursday that would give state-chartered credit unions the option to compensate board members.
If signed by Gov. Bill Haslam, the law would require credit union boards in the Volunteer State to adopt a resolution that the credit requires expertise among board members for the general management of the CU's operations.
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