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Washington
NCUA Some CU volunteer costs can be reimbursed
ALEXANDRIA, Va. (3/23/11)--Associate directors or other credit union officials that occupy volunteer positions established by credit union directors may be reimbursed for any training expenses or related traveling expenses, the National Credit Union Administration (NCUA) has said. The NCUA statement came in the form of a legal opinion. The legal opinion was a response to a question from Credit Union Executives Society President/CEO Fred Johnson. The NCUA opinion noted that the agency has previously stated that volunteer members of non-voting, advisory committees, such as emeritus or associate directors, should not be eligible to receive expense reimbursement or insurance benefits from the credit union they are serving. However, NCUA Associate General Counsel Hattie Ulan said that the NCUA has reconsidered this position, and has decided that these types of volunteers would be eligible for reimbursement for training and training-related expenses, so long as the volunteers are not simply serving in an honorary capacity and are providing services that are established by the credit union’s management team. “This interpretation is consistent with NCUA’s regulations on reimbursement,” Ulan said. Board and committee members are also allowed to be compensated for these sorts of expenses under the Federal Credit Union Act. For the full NCUA opinion, use the resource link.
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