Regulatory Alerts2015-06-12 | I-15-02I-15-02 — Associate Board Members
The Washington State Department of Financial Institutions clarifies that associate board members of state-chartered credit unions are eligible for reimbursement of appropriate training and travel expenses. The Division determined that while these nonvoting appointees cannot receive compensation for board duties, they must adhere to the same fiduciary and confidentiality standards as elected directors. Credit unions must amend their bylaws to define the associate role and may directly pay for training costs or provide insurance coverage consistent with full board member requirements.
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