Regulatory Alerts2011-01-24 | I-11-01DCU Interpretive Letter I-11-01: Director Emeritus Eligibility for Expenses and Benefits
The Washington State Department of Financial Institutions issued Interpretive Letter I-11-01 to clarify that a director emeritus is not eligible for expense reimbursement for travel or training, nor do they qualify for insurance benefits. The Division determined that because the emeritus position is honorary and non-voting, it lacks the clear responsibilities and standards of care required to justify such compensation under the Washington Credit Union Act. Consequently, credit unions may amend their bylaws to establish this role but must exclude these individuals from financial benefits allocated to elected directors and regular committee members.
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