With the Centers for Disease Control recommending event cancellations and social distancing to combat the spread of coronavirus (COVID-19), credit unions must consider how to handle their annual meetings.
To protect the health and safety of members and staff, consider these options:
A credit union can amend its annual meeting date "by using the fill-in-the-blank provision in its bylaws with the two-thirds vote of its board, without seeking the NCUA's approval," the letter continues.
"The FCU Bylaws permit virtual attendance at an annual meeting provided an in-person meeting is held for those who cannot attend virtually or choose to attend in-person," according to the NCUA.
The NCUA also allows for voting to be done electronically. If digital access is an issue, credit unions should provide another option, such as voting by mail. The NCUA states that credit unions using these options "still must conduct an annual meeting, with a quorum of members present in-person."
Looking ahead, consider modifying pandemic planning policies and procedures to account for lessons learned during the coronavirus pandemic. Credit unions can discuss or request feedback on current and future plans using CUNA’s Compliance Community.