20 CSR 1100-4.010 - Fiduciary Responsibility
PURPOSE: This rule 1) prevents a conflict of interest for any officer, director, committee member or employee of a credit union by prohibiting them from benefiting personally from the sale of insurance or other services which could lead to a breach of their fiduciary duty to the credit union and its members and 2) assures that compensation will be added to the credit union's income rather than be paid directly to and retained by any officer, director, committee member or employee of the credit union.
*Original authority: 370.100, RSMo 1939, amended, 1945(2), 1949, 1959, 1967 and 1972.
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