WASHINGTON–Much has changed since the 1990s, and that includes the childcare demands of credit union board members, according to America’s Credit Unions, which is seeking to get NCUA to change a rule.
In the 1990s NCUA sent a Letter to Credit Unions that said reimbursement for childcare expenses for board members is not an allowable reimbursable expense.
“We want to encourage a younger, more diverse group of folks to come be members of boards, to make sure the boards represent the membership, and something like childcare during board meetings is just a common sense thing to do,” said Greg Mesack, senior VP of advocacy with America’s Credit Unions.
‘Outdated Opinion’
To that end, he said the trade group is sending a letter to NCUA requesting it make the change in permissibility of the expense.
“It’s an outdated opinion,” said Mesack. “I hoping that if you talk to NCUA board members today they would say that makes no sense.”
Mesack said multiple credit unions have flagged the issue. He added he believes NCUA can just change the rule and it doesn’t need to be a formal process.