WASHINGTON (8/27/13)--Modernizing Federal Credit Union Act bylaws to ensure they better reflect the current operating environment for credit unions is a Credit Union National Association priority, and CUNA in this week's Regulatory Advocacy Report urged all federal credit unions and leagues to identify any current bylaws that are problematic, and forward details to CUNA regulatory staff.
The Federal Credit Union Act requires the National Credit Union Administration board to address and federal credit unions to maintain bylaws. As with other business entities, the bylaws address a broad range of matters concerning a credit union's organization and governance, the relationship of the credit union to its members, and the procedures and rules a credit union follows.
CUNA is currently reviewing NCUA's federal credit union bylaws. The present version contains requirements that are, at best, dated, CUNA noted in this week's RAR. The NCUA bylaws were last updated in 2007, CUNA Deputy General Counsel Mary Dunn said in the report.
"This is a very important effort and we want to work closely with credit unions and leagues to address bylaw concerns, including those that are cumbersome or that make it more difficult for credit unions to serve their members," Dunn noted. Changes that are forwarded to CUNA will be included in a list of recommendations for the NCUA, Dunn added.
Credit unions may also send any nonstandard bylaws that have been approved by NCUA as well as any nonstandard bylaws that have been rejected by NCUA. The rejected nonstandard bylaws will also help CUNA consider additional revisions that should be made to the standard bylaws, she wrote.
Other items addressed in this week's CUNA Regulatory Advocacy Report include:
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The Regulatory Advocacy Report is archived on cuna.org.