Regulatory Alerts2003-12-12
Allowable Expense Reimbursement for Credit Union Officials
The Louisiana Office of Financial Institutions clarifies that credit union directors and committee members may receive per diem reimbursement for wage loss and reasonable travel, lodging, and meal expenses while attending credit union functions. This reimbursement is permitted under Louisiana Revised Statutes only if explicitly authorized by the credit union’s bylaws, which must be amended according to statutory procedures if currently lacking such provisions. The bulletin further confirms that liability, travel, accident, hospitalization, and life insurance premiums paid for these officials do not count as compensation, thereby preserving their volunteer status while ensuring adequate financial coverage.
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