America’s Credit Unions’ Luke Martone wrote to the NCUA Board Tuesday requesting the agency explicitly permit reimbursement of childcare costs incurred by a federal credit union board member.
“Specifically, we ask the Board to amend section 701.33 to allow FCU board members to be reimbursed for the cost of childcare when it is necessary in order to attend an official board meeting of the FCU,” Martone wrote, noting that family structures and childcare responsibilities are “significantly different” than when it was last amended in December 2001.
The agency last addressed the specific issue of childcare as a reimbursable expense in a March 1999 legal opinion letter affirming a June 1992 opinion that it was impermissible.
Martone urged the agency to revisit this legal opinion, noting that inserting “childcare” into the existing provision would provide the necessary update and is similar to other reasonable reimbursable costs.
He added that this aligns with NCUA—and America’s Credit Unions—support for the importance of succession planning, as “sensical, permissible” updates to the agency’s regulations could help attract and retain the next generation of board members.
