This bill amends the existing law regarding compensation for members of the board of directors of credit unions. Specifically, it repeals and reenacts RSA 383-E:6-607(a) to allow credit unions to compensate their board members, credit committee members, and supervisory committee members for their services. The amount of compensation will be determined by the credit union members during an annual meeting. However, the bill stipulates that no officers, directors, or employees may receive any additional compensation or fees for services rendered to the credit union beyond their established roles.

The effective date of this legislation is set for 60 days after its passage, which is anticipated to be August 18, 2026. This change aims to provide credit unions with the flexibility to offer compensation to their board members, potentially enhancing governance and attracting qualified individuals to serve in these roles.