Regulatory Alerts2014-05-20 | I-14-03Interpretive Letter I-14-03: Referring to a Board of Directors as a Board of Trustees
The Washington State Department of Financial Institutions issued Interpretive Letter I-14-03 to confirm that state-chartered credit unions may officially designate their governing body as a "board of trustees" and its members as "trustees." This designation does not alter the legal powers, duties, or liabilities of the board, which remain governed by the Washington Credit Union Act. Credit unions must memorialize this change through a bylaw amendment that clarifies the terminology while explicitly stating that no changes occur to the board's rights or indemnification provisions.
Share