Regulatory Alerts2015-06-12 | I-15-03Director Emeritus Compensation Eligibility for Washington State Credit Unions
The Washington State Department of Financial Institutions clarifies that director emeritus positions are not eligible for standard compensation or insurance benefits under the Washington Credit Union Act. Credit unions may amend their bylaws to establish this non-voting honorary role, provided they explicitly prohibit voting rights and define service expectations. While insurance is prohibited, the Director approves expense reimbursements for travel and training if the emeritus performs established services beyond an honorary capacity.
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