Wash. Rev. Code » Title 31 · Chapter 31.12
Revised Code of Washington

Wash. Rev. Code § 31.12.267 (2026)

✓ current as of May 2026
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(1) Officials owe a fiduciary duty to the credit union, and must discharge the duties of their positions:
(a) In good faith;
(b) With the care an ordinarily prudent person in a like position would exercise under similar circumstances; and
(c) In a manner the official reasonably believes to be in the best interests of the credit union.
(2) In discharging the duties of an official, the official is entitled to rely on information, opinions, reports, or statements, including financial statements and other financial data, if prepared or presented by:
(a) One or more officers or employees of the credit union whom the official reasonably believes to be reliable and competent in the matters presented;
(b) Legal counsel, public accountants, or other persons as to matters the official reasonably believes are within the person's professional or expert competence; or
(c) A committee of the board of directors or supervisory committee of which the official is not a member if the official reasonably believes the committee merits confidence.
(3) An official is not acting in good faith if the official has knowledge concerning the matter in question that makes reliance otherwise permitted by subsection (2) of this section unwarranted.
(4) An official is not liable for any action taken as a director, or any failure to take any action, if the director performed the duties of the director's office in compliance with this section.
(5) As used in this section, "official" means a director, board officer, supervisory committee member, or senior operating officer of the credit union.
[ 2017 c 61 s 6; 2010 c 87 s 3; 2001 c 83 s 9; 1997 c 397 s 19.]
Notes of Decisions
Cited in 2 cases, 2006–2006 · leading case: Save Columbia Credit Union Comm. v. Columbia Cmty. Credit Union, 134 Wash. App. 175 (Wash. Ct. App. 2006).
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Save Columbia Credit Union Comm. v. Columbia Cmty. Credit Union, 134 Wash. App. 175 (Wash. Ct. App. 2006). “RCW 31.12.267 provides, in pertinent part: “[d]irectors, board officers, and senior operating officers are deemed to stand in a fiduciary relationship to the credit union.”
Save Columbia CU Comm. v. Columbia Cmty. Credit Union, 139 P.3d 386 (Wash. Ct. App. 2006). · cites it 2× “In so ruling, the court compared the fiduciary duty set out in RCW 31.12.267, applicable to credit union directors, to that of corporations, savings and loan associations, and nonprofit corporations.”
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