The NCUA board unanimously approved issuing a advance notice of proposed rulemaking on changes to federal credit union bylaws at its Thursday board meeting. According to NCUA, the board is considering “a number of” significant changes to standard bylaws to provide greater operational flexibility and a reduction of regulatory compliance burdens.
The agency’s Regulatory Reform Task Force has recommended that changes to the bylaws may be necessary, as they have not been updated in almost 10 years.
The board will accept general comments on bylaws, and has also requested comments on the following questions:
Stakeholders requesting a specific change to a provision of the standard bylaws should provide a brief statement regarding whether the Federal Credit Union Act would permit such a change.
Comments must be received with 60 days of publication in the Federal Register, which is expected in the coming days.
The board also issued a proposed rule to adopt contractor suspension and debarment procedures as part of its effort to modernize its procurement process.
The proposal will also have a 60-day comment period, starting with its publication in the Federal Register.