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Benefits of Credit Union Membership
The Credit Union National Association's (CUNA) state-by-state report on the financial benefits of credit union membership.

CUNA's Crisis Planning Tool
Your customized analysis of the NCUA Prompt Corrective Action Regulation, Proposed Risk-based Net Worth Requirement, and Complex Credit Union Calculation.

Regulatory Burden Study
With the support of state credit union Leagues, CUNA commissioned Cornerstone Advisors to perform an updated rigorous analysis of the current financial impact of regulation on credit unions, and how much it has changed over the last several years. The study found that the combined effect of increased costs and reduced revenues due to regulation amounted to at least $6.1 billion in financial impact to credit unions, including $614 million in Virginia. 

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.

CUNA’s Economic Update
CUNA Economic Update videos provide 15-minute monthly overviews of the economy and its impact on credit unions. 

CUNA's Environmental Scan
CUNA E-Scan combines trends across industries, expert analysis and forecasting data to provide strategic planning guidance for credit union professionals. The insights in CUNA E-Scan are organized into 10 trend-based chapters that provide actionable insights from industry experts and practitioners, so you can make timely, future-focused decisions that keep your credit union agile and ready to meet member needs. 

CUNA Mutual Group’s 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.

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.

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 CUNA Mutual Group are published just-in-time when risks are most prevalent to make sure you are on top of the most relevant topics.

User ID/Password to CUNA Mutual Group's Protection Resource Center may be required to access some of the information on this page.

View the Risk Alerts and Resources

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Recent posts

  • Scams Target Older Americans at an Alarming Rate (5/17/2022)

    The number of elderly victims impacted by fraud has risen at an alarming rate, while the loss amounts are even more staggering. In 2021, over 92,000 victims over the age of 60 reported losses of $1.7 billion to the IC3. This represents a 74% increase in losses over 2020. Many of these member-targeted scams involve fraudulent wire transfers reaching hundreds of thousands of dollars, specifically targeting your elderly members.

    Every May is the nation’s observance of Older Americans Month. This is a good time to share these scams and mitigation tips to help your credit union, employees, and members better detect and shut down attempts of financial exploitation of the elderly.

  • ATM Shimming & Fallback Transactions Back On The Rise (5/10/2022)

    ATMs are once again an easy target for fraudsters to capture card data – and, again, it is through shimming/skimming devices found on credit union-owned ATMs. Since the implementation of EMV/Chip cards, these devices have occasionally gone undetected leading to a large number of cards being compromised. The cards are used at other ATMs or through POS transactions where fraudsters rely on fallback transactions to override the EMV technology to obtain cash and/or merchandise.

  • Evacuation Plans: A Safe Alternative (5/10/2022)

    If local officials suddenly issued an evacuation order for your area, would you be ready? Having detailed evacuation plans for all your branch locations can allow for staff, members, and other visitors to exit in the most efficient and safest manner. Of course, the cause of the evacuation will play a significant role in how the evacuation takes place and the specific route taken.

    Causes can run the gamut from weather emergencies to security threats and workplace violence. Wildfires are disasters that can spread quickly – particularly during dry conditions – and impact credit union property and people safety rapidly.

View more


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.

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.


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