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ALEXANDRIA, Va.-In a Jan. 22, 2003, NCUA legal opinion letter, Associate General Counsel Sheila Albin wrote that reimbursement of uninsured medical expenses for a volunteer board member amounts to “prohibited compensation.” “We note, however,” Albin added, “that an FCU may adopt an insurance plan with comprehensive coverage that limits or eliminates expenses for co-payments, deductibles, eyeglasses, or dental care, as long as it is reasonable and within the bounds of safety and soundness.” She directed the inquiring New York attorney to legal opinion letter 94-0435, from May 10, 1994, for an explanation of reasonable coverage.

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