WASHINGTON (8/4/15)--CUNA urged the National Credit Union Administration to review its requirement that all federal credit unions use a single set of bylaws, regardless of size and complexity, in a letter sent Monday.
CUNA, in its letter on the agency’s annual regulatory review, commented on a number of other regulations present, in addition to the bylaws.
“In our view, this ‘one-size fits all’ approach to credit union bylaws is archaic. For example, it may be sufficient for the board of a small credit union to meet every other month as opposed to monthly,” the letter reads. “The NCUA should provide flexibility to credit unions of varying size and complexity for purposes of their corporate governance.”
CUNA suggests that the NCUA issue comprehensive bylaws that can be used by newly chartered federal credit unions to simplify their incorporation, and by smaller credit unions to simplify their operations.
The NCUA is currently working on revisions to its bylaws.
CUNA also suggested the NCUA:
Other areas addressed in the letter include mergers, conversions and various technical items.