---
type: "Bill"
title: "Credit unions; board of directors compensation."
description: "Credit unions; director compensation. Provides that compensation of members of a credit union's board of directors and members of the credit and supervisory committees shall be determined by a written policy approved by the board of directors, provided that annual compensation for an individual member does not exceed $6,000. The measure removes the existing prohibition on compensating members of a credit union's board of directors for services as a member of the board. This bill is identical to HB 813."
jurisdiction: "us/states/va"
legislature: "Virginia General Assembly"
session: "2020"
identifier: "SB 296"
citation: "Virginia SB 296 (2020)"
classification: ["bill"]
subjects: []
status: "enacted"
primary_sponsors: ["David W. Marsden"]
version_count: 4
action_count: 27
vote_count: 5
first_action: "2020-01-03"
last_action: "2020-03-31"
source: "openstates"
source_identifier: "ocd-bill/7360ce08-e15e-467a-90cc-a7fd47182b91"
source_url: "https://lis.virginia.gov/cgi-bin/legp604.exe?201+sum+SB296"
source_hash: "67018393ff9ce5f82ae024b6fd7091fef93154676c9b930e20cca61a6c423422"
vintage: "2026-07-01"
source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
retrieved_at: "2026-07-06"
confidence: "reported"
tags: ["legislation", "bill", "us-va"]
---

# Virginia SB 296 (2020) — Credit unions; board of directors compensation.

Credit unions; director compensation. Provides that compensation of members of a credit union's board of directors and members of the credit and supervisory committees shall be determined by a written policy approved by the board of directors, provided that annual compensation for an individual member does not exceed $6,000. The measure removes the existing prohibition on compensating members of a credit union's board of directors for services as a member of the board. This bill is identical to HB 813.

## Version chain

The bill's text revisions, in order — the diff chain from filing to enrollment.

1. **Acts of Assembly Chapter text (CHAP0547)** (committee substitute) — [source](https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+CHAP0547)
2. **Bill text as passed Senate and House (SB296ER)** (committee substitute) — [source](https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+SB296ER)
3. **Engrossed by Senate - committee substitute SB296S1** (committee substitute) — [source](https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+SB296S1)
4. **Impact statement from SCC (SB296)** (committee substitute) — [source](https://lis.virginia.gov/cgi-bin/legp604.exe?201+ful+SB296)

## Votes

- Reported from Labor and Commerce (20-Y 0-N) — **20–0** (pass) · lower
- VOTE: Block Vote Passage (100-Y 0-N) — **99–0** (pass) · lower
- Read third time and passed Senate (39-Y 0-N) — **39–0** (pass) · upper
- Constitutional reading dispensed (40-Y 0-N) — **40–0** (pass) · upper
- Reported from Commerce and Labor with substitute (15-Y 0-N) — **15–0** (pass) · upper

## Sponsors

- David W. Marsden — primary (person)

## Timeline

The legislative action history — every referral, reading, and vote.

- **2020-01-03** Prefiled and ordered printed; offered 01/08/20 20102695D `introduction`
- **2020-01-03** Referred to Committee on Commerce and Labor `referral-committee`
- **2020-01-07** Impact statement from SCC (SB296)
- **2020-01-20** Reported from Commerce and Labor with substitute (15-Y 0-N) `committee-passage`
- **2020-01-20** Committee substitute printed 20106137D-S1 `substitution`
- **2020-01-22** Constitutional reading dispensed (40-Y 0-N)
- **2020-01-23** Read second time `reading-2`
- **2020-01-23** Reading of substitute waived
- **2020-01-23** Committee substitute agreed to 20106137D-S1
- **2020-01-23** Engrossed by Senate - committee substitute SB296S1
- **2020-01-24** Read third time and passed Senate (39-Y 0-N) `passage, reading-3`
- **2020-01-30** Impact statement from SCC (SB296S1)
- **2020-02-18** Placed on Calendar
- **2020-02-18** Read first time `reading-1`
- **2020-02-18** Referred to Committee on Labor and Commerce `referral-committee`
- **2020-02-25** Reported from Labor and Commerce (20-Y 0-N) `committee-passage`
- **2020-02-27** Read second time `reading-2`
- **2020-02-28** Read third time `reading-3`
- **2020-02-28** Passed House BLOCK VOTE (100-Y 0-N) `passage`
- **2020-02-28** VOTE: Block Vote Passage (100-Y 0-N)
- **2020-03-05** Enrolled
- **2020-03-05** Impact statement from SCC (SB296ER)
- **2020-03-06** Signed by Speaker
- **2020-03-07** Signed by President
- **2020-03-12** Enrolled Bill Communicated to Governor on March 12, 2020
- **2020-03-12** Governor's Action Deadline 11:59 p.m., April 11, 2020
- **2020-03-31** Approved by Governor-Chapter 547 (effective 7/1/20) `executive-signature`

## Source

OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/7360ce08-e15e-467a-90cc-a7fd47182b91`. Confidence: reported (aggregated from official Virginia legislature records).