NCUA extends FCU meeting flexibility in 2022 due to pandemic
NCUA extended the flexibility for federal credit unions to conduct meetings virtually in 2022, it announced this week in a Letter to Federal Credit Unions (21-FCU-06).
As previously provided, a federal credit union may adopt at any time, by a two-thirds vote of its board of directors, a bylaw amendment to Article IV without additional approvals by the NCUA.
The letter contains the complete bylaw text, including optional underlined language related to meetings of boards of directors.
Federal credit unions that NCUA also notifies all federal credit unions that, if they have adopted this bylaw amendment, “it is appropriate to invoke its provisions at any point in 2022 for meetings occurring in that year if a majority of the board of directors so resolves for each such meeting.”
General quorum requirements must still be met for all-virtual meetings, the agency adds.
NCUA’s 2020 Letter to Federal Credit Unions (20-FCU-02) provides specific directions on how a federal credit union can postpone its annual meeting, how to amend the date of its annual meeting by using the fill-in-the-blank provision in its bylaws, and quorum requirements.