Conflict of Interest

98-0301 / March 1998
Conflict of Interest

William H. Yarborough, President/CEO
U.S. Postal Service Federal Credit Union
7905 Malcolm Road, 4th Floor
Clinton, Maryland 20735-1769

Re: Conflict of Interest
Your letter dated February 26, 1998

Dear Mr. Yarborough:

You have asked whether it is a conflict of interest for a member of the supervisory committee of one federal credit union (FCU) to serve on the board of directors of another FCU. As we advised you by phone, we are aware of no FCU bylaw, regulation or statute that prohibits this form of dual service. Although not a violation of law, we cautioned you that the individual must be careful not to breach the separate fiduciary duty that is owed to each of the FCUs.



Sheila A. Albin
Associate General Counsel

SSIC 3000


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