"This" Board... over their heads! https://secuvote.ey.com/
✅ Excerpts from legal opinion, Office of the General Counsel, National Credit Union Administration (NCUA):
"As the NCUA Board has discussed at length in rule making preambles going back to 2006, for federal credit unions the law (as determined by the FCU Act) and philosophy align: the directors’ duties flow primarily to the membership. Id. at 77154-55.
. . .we also believe that fiduciary duties are properly owed to people, and not to entities. FCU directors must understand the people who are affected by the directors’ decisions and identify which people the directors are serving.
The danger is that, if the directors are allowed to focus only on the credit union when making a decision – without regard to how the members are affected – the directors can justify making self-serving decisions, or decisions that serve primarily the FCU’s insiders, under the guise** that the directors are simply doing what is best for the credit union." https://secuvote.ey.com/
** ... guise [definition] - pretense, pretext, appearance of someone or something, especially when intended to deceive.