Regulatory Alerts2011-06-10 | I-11-03I-11-03 — Definition of Vice President
The Washington State Department of Financial Institutions issued Interpretive Letter I-11-03 to clarify the definition of "vice president" under WAC 208-460-020 regarding member business loan prohibitions. The Director of Credit Unions determined that the term refers to individuals with major policymaking authority, adopting the Federal Reserve Board Regulation O standard for executive officers. Consequently, credit union vice presidents who do not participate in major policymaking, such as branch or department managers, are eligible to receive member business loans.
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