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Created by the U.S. Congress in 1970, the National Credit Union Administration is an independent federal agency that insures deposits at federally insured credit unions, protects the members who own credit unions, and charters and regulates federal credit unions.
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Reimbursement of Board Members Expenses

91-1242 / January 1992

Subject

Governance

Historic Status

Non-historic

January 3, 1992

James W. Hysell
President & Chief Executive Officer
Desert Schools Federal Credit Union
P.O. Box 11350
Phoenix, AZ 85061-1350

Re: Reimbursement of Board Member's Expenses (Your Letter of December 23, 1991)

Dear Mr. Hysell:

You requested an opinion regarding whether one of your board members, who is a school teacher, could be reimbursed for paying a substitute teacher to cover her position while she attended a credit union conference. The NCUA responded to a similar inquiry in the enclosed letter from me to Alfred V. Evans, Jr., Max Federal Credit Union ("FCU"), re: Request for Legal Opinion on Propriety of Reimbursement, dated November 15, 1988. Our position in that letter, namely that an FCU may not reimburse a director for such expenses, remains the same.

Sincerely,

Hattie M. Ulan
Associate General Counsel

GC/MEC:sg
SSIC 4062
91-1242

Last modified on

11/14/24

Reimbursement of Board Members Expenses

Footnotes