WASHINGTON — In-house counsels at credit unions can review contracts with third parties as long as they have no connections to the outside organization, according to an NCUA legal opinion.
The in-house counsel will focus on protecting the interest of the credit union and will have the independence recommended by previously issued regulations, General Counsel Robert M. Fenner wrote in an April 18 response to an inquiry from Faith L..Anderson, the vice president and general counsel of the American Airlines Federal Credit Union in Ft. Worth, Texas.
An opinion issued by the agency last December caused some confusion about whether the person reviewing the contracts had to be someone not employed by the credit union.
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