Emergency credit union annual meeting provision to expire Dec. 31

December 7, 2022

The emergency exemption allowing federal credit unions to conduct membership and board of director meetings completely virtually will expire Dec. 31, according to NCUA’s latest Letter to Credit Unions (22-FCU-03). NCUA previously approved the flexibility in March 2020, November 2020, and November 2021.

“The NCUA does not believe that current circumstances continue to warrant federal credit unions to invoke the subject bylaw provision beyond year-end 2022,” the letter reads. “Federal credit unions that have already adopted the bylaw amendment may retain it in their bylaws, but it will not be applicable after the end of 2022 unless NCUA issues a new notification allowing federal credit unions to invoke it.”

The letter also notes:

  • Federal credit unions may choose to hold hybrid meetings if that suits their needs. Hybrid meetings consist of a meeting held virtually in conjunction with an in-person component for members who wish to or need to attend that way.
  • Bylaws permit federal credit union boards to conduct “virtual-only” meetings for all but one of their board meetings per calendar year. Further, if a quorum of the directors is physically present at the one required in-person meeting, then the remaining directors may attend that meeting virtually.
  • Bylaws provide that notices for member meetings may be sent by electronic mail to members who have opted to receive statements and notices electronically.