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Washington
NCUA Directors can delegate authority with limits
WASHINGTON (3/8/11)--In a Letter to Federal Credit Unions (11-FCU-02), which discusses the general authorities and duties of directors in new Section 701.4, the National Credit Union Administration (NCUA) said an FCU’s board can, with some limitations, delegate to its CEO the authority to hire, fire, and compensate subordinate employees, including other management personnel. NCUA General Counsel Robert Fenner recently explained in a legal opinions letter that if a board delegates to the CEO the authority to hire, fire, fix the compensation of, or discipline other senior managers the board place “appropriate standards and controls on such delegated authority.” “This is particularly true in larger, complex credit unions where senior managers wield much more power than the “tellers, clerks, and bookkeepers” specifically named in articles of the bylaws, Fenner added. The letter, written in response to questions posed by the National Association of Federal Credit Unions, also addressed other clarifications of the agency rules regarding the duties of federal credit union directors. Use the resource link to access the full letter.
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