Friday, November 20, 2020

REQUIRED INFORMATION FOR CREDIT UNION BOARD CHAIRMEN AND MANAGEMENT

 REQUIRED INFORMATION FOR CREDIT UNION BOARD CHAIRMEN AND MANAGEMENT

Letter to Federal Credit Unions (20-FCU-04)
Federal Credit Union Meeting Flexibility
During the COVID-19 Pandemic

Dear Board of Directors and Chief Executive Officers:

The NCUA understands COVID-19 continues to affect federal credit unions and their members to varying degrees. The agency, therefore, is extending the relief measures outlined in Letter to Federal Credit Unions, 20-FCU-02, NCUA Actions Related to COVID-19 – Annual Meeting Flexibility.

Under this authority, a federal credit union may adopt, by a two-thirds vote of its board of directors, the bylaw amendment below to Article IV without additional approvals by the NCUA. As indicated by the underlined language below, the NCUA is also adding optional language related to board of directors’ meetings to the amendment. A federal credit union may choose to adopt the amendment with or without the underlined language related to board of directors’ meetings.

Read the Letter to Federal Credit Unions



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