NCUA clarifies that credit unions can reimburse volunteer board members for dependent care costs
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Table of Contents
The National Credit Union Administration has finalized a rule change that allows federally insured credit unions to reimburse their volunteer board members for dependent care expenses. This includes costs like childcare or care for elderly relatives, provided the care is necessary for the member to attend meetings or perform official duties.
Why it matters: This change removes a barrier that may have discouraged people with caregiving responsibilities from serving on credit union boards. By allowing reimbursement for these costs, the NCUA aims to make volunteer positions more accessible without violating laws that generally prohibit paying volunteers for their time.
Who it affects
- Federally insured credit unions and their board members
This final rule was issued by the National Credit Union Administration in the Federal Register; readers should check the full document at 12 CFR 701.33 before relying on it for compliance purposes.
Agency: National Credit Union Administration
Source: Federal Register — read the official document