Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

CU System
Wash. state outlines director emeritus rules
OLYMPIA, Wash. (2/1/11)--Individuals with director emeritus status are not eligible for expense reimbursement from state-chartered credit unions for travel, training, or insurance benefits, the Washington State Department of Financial Institutions (DFI) ruled. The Washington Credit Union Act did not provide for director emeritus status. The ruling, outlined in a letter from Linda K. Jekel, director of credit unions for the State of Washington, approved the director emeritus title as an honorary, nonvoting position with limited attendance requirements. Jekel explained that a director emeritus is typically an honorary title and may provide experience-based advice to elected officials. Training should be limited to elected officials and regular committee members who have clear responsibilities and standards of care for their duties, Jekel said. Jekel cited an October 2003 opinion letter published by the National Credit Union Association in guiding her ruling. Northwest Credit Union Association (NWCUA) CEO John Annaloro issued the following statement regarding the ruling. “NWCUA appreciates the DFI’s recognition about the importance of keeping open credit unions’ options for recognition of distinguished board members, via the director emeritus title,” Annaloro said. “Additionally, the DFI ruling suggests that such positions should have defined expectations, and once established can sit and serve without the fiduciary liabilities and education expectations for regular members of the board of directors. “That clarification is very beneficial,” he continued. “DFI appears correct that merely bestowing a title on someone, however impressive that title may be, is not in itself sufficient reason to pay compensation or future expenses for the individual. It should also be noted that credit unions still have the option of retaining and compensating advisers and consultants for specific and business purposes, as well as to reimburse for legitimate expenses. In some manner, everyone potentially benefits by this clarification by the Washington State DFI.”


RSS print
News Now LiveWire
#Iowa Housing Authority honors #creditunion's mortgage commitment #NewsNow http://t.co/97me6ziPFa
10 hours ago
Adams to Zimmerman: Don't let your name define your financial decisions via @ndn http://t.co/kPVgQaDFNo
13 hours ago
Calif. ride-sharing law protects #creditunion collateral #NewsNow #System http://t.co/kXAAmbQgKO
14 hours ago
New offices mean moving sale at @TheKCUA https://t.co/xaof5SJkmE
15 hours ago
Existing-home sales slump in August as cash purchases decline @REALTORS
16 hours ago