ALEXANDRIA, VA. — Board members of federal credit unions could only get limited exemption from being sued for some of their actions, FCUs seeking to convert to banks would have to get an independent evaluation, and board members and employees couldn't assist members in filling out ballots during conversion votes.
Those are among the proposed regulations in a rule that the NCUA Board unanimously sent out for a 60-day comment period at today's meeting.
Federal credit unions wouldn't be able to indemnify officials and employees against liability based on "aggravated breach of duty of care," when a breach affects members' rights and financial interests."
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