Go to main content Virginia Credit Union League Virginia Credit Union League
Home News Operations Resources

Operations Resources

Your League is committed to providing you with the resources, expert advice, information and tools you need to run your credit union efficiently and cost-effectively.

Among our key resources:

As an affiliate of your League, you have access to a free hotline for compliance issues via the Woods Rogers Vandeventer Black law firm.

Contact the hotline at 800.552.4529 for answers to compliance questions, including those involving share accounts, loans, and supervisory issues.

As an affiliate of your League, you have access to a free hotline service for day-to-day human resource issues via the Woods Rogers Vandeventer Black law firm.

Contact the hotline at 800.552.4529 for answers to basic human resource management questions.

We partner with InfoSight to offer you the most comprehensive compliance system possible. Other popular items include a collection of compliance checklists and training videos to keep you current.

How to Use League InfoSight

Learn more about using League InfoSight, including how to customize your dashboard and get the most of its resources.

View our video tutorial.

Learn more

CU PolicyPro offers more than 230 detailed model policies to help manage today's ongoing compliance and operational challenges. This deeply discounted service not only provides model policy content, but a comprehensive policy management system that lets you customize any model policy to fit your credit union’s individual operations.

  • Robust
  • Easy to use
  • Easy maintenance of policies all in one place. 
  • Existing polices can also be added to and maintained within the system

Your Savings!

  • Affiliates of the Virginia League are eligible for hundreds of dollars in savings!
  • Credit unions with less than $50 million in assets pay just $125 per year, a savings of $570 with the Virginia League discount.
  • Credit unions with $50 million or more in assets pay just $250 per year, a savings of $445 with your League discount.

Learn more

Your credit union may not be able to prevent a disaster from occurring, but you can be ready when it happens. Security, data recovery, and peace of mind are priceless when faced with a catastrophic loss. RecoveryPro can get your credit union’s Business Continuity Plan (BCP) in place!

Learn more

Account Insurance Estimator (AIE) is an online solution (provided through InfoSight) that allows your credit union to estimate the maximum federal insurance (NCUSIF) coverage of funds in any member’s account(s) for the ten most popular types of coverage, and generate a customized estimate and estimate form to provide to the member to reinforce the value of your credit union. Not only is the AIE a “service excellence” and “employee training” solution, the AIE will also allow your credit union to promote itself and all its important products and services to members and potential members instantly!

Learn more

Check Deposit Notice Generator (CDNG) allows your credit union to evaluate any check offered for deposit and generate a beneficial but effective holdcollectionwarning, or decline notice to provide to the member to prevent a loss on that check. The CDNG not only provides a comprehensive objective notice solution that consistently addresses all potential check deposit losses, but also provides your credit union’s employees with a comprehensive research and training resource that will assist your credit union in immediately demonstrating that all its actions on checks offered for deposit are extremely beneficial to both the member and the credit union alike!

Learn more

League InfoSight
We partner with InfoSight to offer you the most comprehensive compliance system possible. Other popular items include a collection of compliance checklists and training videos to keep you current.

Credit Union Profile
Your League's quarterly report on the credit union system and its financial performance, with detailed report on the Commonwealth's credit unions.

NCUA’s Simplified CECL Tool
The Simplified CECL Tool was developed primarily for credit unions with less than $100 million in assets. The Weighted Average Remaining Maturity (WARM) methodology for calculating the ACL was chosen by the NCUA because the Financial Accounting Standards Board deemed it appropriate to estimate a credit loss allowance for less complex financial asset pools.

NCUA's Credit Union Analysis
NCUA’s economists and analysts spotlight the credit union system’s financial performance, merger activity, changes in credit union chartering and fields-of-membership, as well as broader economic trends you should track.

TruStage Credit Union Trends Report
The Credit Union Trends Report is a monthly "pulse check" on the state of the credit union marketplace, often placed in a historical context.

Stay up-to-date on the most recent risks facing your industry and stay in-the-know on persistent risks that you need to stay aware of. RISK Alerts from TruStage are published just-in-time when risks are most prevalent to make sure you are on top of the most relevant topics.

View the Risk Alerts and Resources

Effective July 1, 2020 changes to the Code of Virginia will allow a state-chartered credit union to compensate members of the board of directors.  While state law previously permitted compensating members of supervisory and credit committees, the bylaws of most credit unions prohibited the practice.  Compensation of credit union officials requires that the board of directors adopt written policies, provided that annual compensation for an individual member does not exceed $6,000.  Compensation is permissible, not required, and credit unions choosing to provide compensation will need to amend their bylaws accordingly.  We have updated the standard bylaw template to reflect this option.

As you may know, the National Credit Union Administration issued a revised set of federal standard bylaws effective January 2, 2020.  We have reviewed those changes and made a few additional edits to the Virginia document.  We do not believe these changes are substantive, but some credit unions may find them relevant to their operations. Please note that the indemnification provision in Article XVII will only provide the maximum protection from liability if adopted by the members at an annual meeting (it is acceptable to present only Article XVII subject to member vote).

Credit unions may adopt bylaw amendments as provided in the articles of incorporation and bylaws of the institution.  A copy of the amended bylaws should be sent to the Commission for their records.  You are reminded that credit unions must continue to submit bylaw changes regarding field-of-membership (Article II) to the Commissioner for approval.  Additionally, any changes to a credit union’s Articles of Incorporation still require submission to the clerk’s office of the State Corporation Commission.  For example, Article I (Name) would require approval of the State Corporation Commission as it would be a change to the Articles of a Virginia non-stock corporation.

As a legal matter, a credit union’s bylaws must conform to, and cannot be inconsistent with, any provision of its charter, Code of Virginia Title 6.2 Chapter 13, or other laws or regulations applicable to the credit union’s operations.  A general review of the standard bylaws has been performed by the League’s counsel, Hunton Andrews Kurth.  However, you should consult your attorney when in doubt.

Download Bylaws


View the Virginia Code (new law effective July 1, 2020)

The Virginia Credit Union League provides the following basic recommendations for a credit union’s Board of Directors to consider when implementing a Compensation Policy for their credit union officials.  The League makes no warranty as to the sufficiency of these guidelines as each credit union is responsible for adopting policies consistent with their governance practices.

Purpose:  This policy details how directors (and/or committee members) are compensated for their contributions to the credit union.

Compensation philosophy: (Name of credit union) board of directors bears ultimate fiduciary responsibility for the credit union, protecting members’ interests and financial assets.  To attract and retain the best officials (directors, committee members) possible, the board sets compensation at a rate to reflect the level of risk and responsibility taken, the professional expertise required and within the limits prescribed by the Code of Virginia.

Organizational relationship: Directors and committee members are defined by statute as non-employees.  Pay to attend official credit union meetings or any compensation otherwise associated with performing duties required of the elected or appointed positions does not create an employee relationship.  If paid, credit union officials are treated as independent contractors.  Compensation will be reported as required by IRS on Form 1099-MISC.

Compensation structure: The credit union should develop their methodology for structuring the compensation of officials using one or more (or a combination thereof) of the options below.  In no case should the total annual compensation for an individual member of the board or committee exceed $6,000 (current limit under state law – credit unions may establish a lower threshold).

  1. Officials may be paid a flat-fee annual retainer that compensates them for the meetings they attend (regardless of number and format, whether in-person, conference call, or virtual).
  2. Officials may be compensated based upon their positions.  For example, the Board Chairperson or a Committee Chair may be compensated at a higher level.  Additionally, compensation of board and committee members are independent decisions (i.e. a credit union is not obligated to pay all officials).
  3. Officials may be paid on a per meeting basis (attendance may be mandatory to receive the allotted compensation).

Payment of Compensation: The credit union should establish when officials are to be paid (ex. monthly, quarterly, semi-annual, annual) and establish a system of recordkeeping.

Disclosure of Compensation: The credit union will report compensation to officials as directed by state and federal law.  (The Board may adopt additional reporting requirements if desired.  Ex. Membership at the credit union’s annual meeting).

Related Policies: Health, accident, and term life insurance protection (if offered) for a director or committee member shall not be considered compensation.  Directors and committee members, while on official business of the credit union, may be reimbursed for expenses consistent with Internal Revenue Service guidelines and such reimbursement will not count as compensation under this policy.

General Conditions: The Board of Directors will safeguard against payment of compensation that is excessive or could lead to material financial loss to the credit union.  If the credit union falls below the required regulatory capital minimum, compensation to officials will be eliminated.

Authority: Compensation of officials is at the sole discretion of the Board of Directors.  This policy does not convey an obligation or contract for payment.  The Board may amend, suspend, or rescind this policy at any time without prior notice to any official. The board will not be discriminatory in its compensation practices.

Go to main navigation