OLYMPIA, Wash. State regulators will hold a meeting with interested credit union volunteers and executives June 20 to discuss limits on directors’ pay as allowed under the new state law.
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The law, which allows state chartered credit unions to pay directors and supervisory committee members, goes into effect July 28. The state regulators, the Department of Financial Institutions’ Division of CUs, will begin rule-making on the new law in early August.
Washington is one of two states Tennessee is the other that passed laws this year allowing credit unions to pay volunteers. Thirteen states now allow credit unions to pay directors.
