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H1338 • 2025

An Act allowing fair compensation of Massachusetts credit union directors

An Act allowing fair compensation of Massachusetts credit union directors

Labor
Active

The official status still shows this bill as active or still awaiting another formal step.

Sponsor
Andres X. Vargas
Last action
2026-02-12
Official status
Referred to House Committee on Bills in the Third Reading
Effective date
Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

An Act allowing fair compensation of Massachusetts credit union directors

An Act allowing fair compensation of Massachusetts credit union directors By Representative Vargas of Haverhill, a petition (accompanied by bill, House, No.

What This Bill Does

  • An Act allowing fair compensation of Massachusetts credit union directors By Representative Vargas of Haverhill, a petition (accompanied by bill, House, No.
  • 1338) of Andres X.
  • Vargas relative to credit union compensation to members of boards of directors.
  • Financial Services.

Limits and Unknowns

  • This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

  1. 2026-02-12 House

    Committee reported that the matter be placed in the Orders of the Day for the next sitting

  2. 2026-02-12 House

    Rules suspended

  3. 2026-02-12 House

    Read second and ordered to a third reading

  4. 2026-01-15 House

    Accompanied a study order, see H4931

  5. 2026-01-15 House

    Reported from the committee on House Rules

  6. 2026-01-15 House

    Reported on a part of H4931

  7. 2026-01-15 House

    Bill reported favorably by committee and referred to the committee on House Steering, Policy and Scheduling

  8. 2025-10-30 Joint

    Hearing rescheduled to 10/30/2025 from 10:30 AM-04:00 PM in A-2 Hearing updated to New End Time

  9. 2025-10-30 Joint

    Hearing rescheduled to 10/30/2025 from 10:30 AM-02:00 PM in A-2 Hearing updated to New End Time

  10. 2025-10-21 Joint

    Hearing scheduled for 10/30/2025 from 10:30 AM-01:00 PM in A-2

  11. 2025-02-27 House

    Referred to the committee on Financial Services

  12. 2025-02-27 Senate

    Senate concurred

Official Summary Text

An Act allowing fair compensation of Massachusetts credit union directors
By Representative Vargas of Haverhill, a petition (accompanied by bill, House, No. 1338) of Andres X. Vargas relative to credit union compensation to members of boards of directors. Financial Services.
Status:
Referred to House Committee on Bills in the Third Reading

Current Bill Text

Read the full stored bill text 
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Bill H.1338

SECTION 1. Section 20 of Chapter 171 of the General Laws is hereby amended by striking the first sentence and inserting in place thereof the following new sentence: Any credit union may compensate each of the members of the board of directors for his or her services as a member of the board or any committee thereof a sum that may, from time to time, be fixed by the members at an annual meeting.

SECTION 2. This act shall take effect upon its passage.

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