CCUA Celebrates Enactment of Landmark Credit Union Governance Legislation in New Hampshire

Manchester, NH – The Cooperative Credit Union Association (CCUA) celebrates a major advocacy victory following Governor Kelly Ayotte's signing of Senate Bill 487 (SB 487) into law on Friday, June 19. The legislation authorizes New Hampshire state-chartered credit unions to compensate members of their boards of directors, providing institutions with greater flexibility to attract and retain qualified leaders while strengthening governance and long-term sustainability.

The enactment of SB 487 represents the successful culmination of a multi-year advocacy effort led by CCUA in partnership with New Hampshire credit unions. The bill's passage underscores the growing influence of the credit union movement and demonstrates the impact of sustained engagement with policymakers on issues important to credit unions and their members.

"Governor Ayotte's signing of SB 487 marks a significant milestone for New Hampshire's credit unions and the members they serve," said Ron McLean, President and CEO of the CCUA. "Credit union board members dedicate countless hours providing strategic leadership, oversight, and guidance to ensure their institutions remain strong and responsive to community needs. We are grateful to Governor Ayotte, Senator Dan Innis, Representative John Hunt and the many lawmakers and advocates whose support made this achievement possible."

CCUA played a leading role in advancing the legislation from concept to enactment. During the 2025 legislative session, the Association led the drafting and filing of the bill, secured sponsorship from Senate Commerce Committee Chair Dan Innis, delivered expert testimony before House and Senate committees, and organized a strategically timed advocacy day that brought credit union leaders together with key lawmakers and legislative staff in Concord.

Building on that momentum, CCUA continued its advocacy efforts throughout the 2026 legislative session, working to ensure the proposal remained independent of other legislation and maintained strong support through final passage. The bill's enactment in its second introductory year highlights both the effectiveness of the Association's advocacy strategy and the strength of New Hampshire's credit union grassroots network.

"This legislation reflects a forward-looking approach to credit union governance,” said Ken Senus, President and CEO of St. Mary’s Bank—the first credit union in the nation.  “By modernizing state law, New Hampshire has provided credit unions with an additional tool to build diverse, experienced, and sustainable boards that can continue advancing the credit union mission for generations to come. We are proud of the collaborative effort that made this achievement possible."

CCUA also recognizes the critical role credit union leaders, employees, volunteers, and members played throughout the legislative process. Their continued engagement with lawmakers in Concord and community involvement across the state helped reinforce the credit union difference and the importance of policies that support financial empowerment and local communities.

The legislation will take effect on August 18, 2026.

CCUA extends its appreciation to Governor Ayotte, Senator Dan Innis, Representative John Hunt, legislative leaders, and the many credit union advocates whose efforts contributed to the bill's passage. The Association also recognizes New Hampshire credit unions for their continued engagement with lawmakers and community leaders, helping advance policies that strengthen credit unions' ability to serve members and improve financial well-being throughout the Granite State.

Media Contact

Janelle Mullen
Vice President of Member Engagement
Email: jmullen@ccua.org