Regulatory Alerts2014-05-14 | I-14-02I-14-02 — When is a Board Member Disqualified Due to Unexcused Absences
The Washington Department of Financial Institutions issued Interpretive Letter I-14-02 to clarify board member disqualification rules following amendments to the Washington Credit Union Act. The letter specifies that for credit unions requiring six annual board meetings, a director becomes ineligible for the remainder of their term after more than one unexcused absence in a twelve-month period. The guidance mandates that the board secretary promptly notify the director of this automatic termination and outlines procedures for filling resulting vacancies.
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