Comments Show Lack of Understanding
The comments attributed to Mr. Prins (CU Journal Online, Feb. 11) reflect either an indifference to, or a lack of understanding of, the fiduciary duties of a director of any financial institution, including a credit union. Messrs. Franklin and Cheney, and all the other U.S. Central directors, have a legal duty not to disclose to any third party-including their respective employers-any confidential information about U.S. Central that they learn in their capacity as U.S. Central board members. Notwithstanding the intertwining relationships common throughout the credit union system, credit union directors are equally subject to the same legal duties as are the directors of any other corporation.
Francois Henriquez, SVP & General Counsel
U.S. Central Corporate FCU, Lenexa, Kan.
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