ALEXANDRIA, Va. – NCUA has reconsidered its prior position barring credit union reimbursement for non-voting advisory committee members and said in a new legal opinion reimbursement is permissible as long as the volunteer is providing a service that goes above and beyond a mere honorary capacity.
A credit union may reimburse volunteers for training and training-related expenses, including travel, NCUA said in the legal opinion posted yesterday.
Among the volunteers who would be eligible for reimbursement are associate directors or similar volunteer officials.
The legal opinion was requested by Fred Johnson, president of the CU Executives Society.
