Federal credit union directors can act as seller's agents for a member as long as the director doesn't participate in the credit union's decisions regarding that member, NCUA Associate General Counsel Hattie Ulan wrote in an opinion letter.
|Ulan noted that generally board members can't receive any direct or indirect compensation in connection with a loan made by the credit union. However, the agency has made an exception if no referral has been made by the credit union.
|Ulan, in the letter she wrote to the $17 million Lake County Educational FCU Board President Patricia R. Hall-Miller in Painesville, Ohio, said the agency made the exception to avoid discouraging volunteers from serving on boards that might otherwise interfere with their livelihood.
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