ARLINGTON, Va.–Perhaps not surprisingly, ninety-two percent of credit unions say they support improvements in the Federal Credit Union bylaws, with many say they would specifically like to see the bylaws modernized to reflect current technology, according to NAFCU's new Economic & CU Monitor report.
In March, the NCUA issued a request for feedback on the FCU bylaws; the deadline for comment was yesterday.
According to NAFCU:
- Almost two-thirds of Monitor respondents were in favor of adding bylaw provisions to allow annual or special meetings to be conducted through video or teleconference
- 78% indicated that the use of tech, such as social media or web-based conferencing solutions, could encourage greater member participation in such meetings
- Respondents said they would like clarification on how to address abusive behaviors by members
- Credit unions would also like the NCUA to improve its responsiveness when responding to FCU bylaw questions
Also included in the Economic & CU Monitor are the results from the May Credit Union Sentiment Index (CUSI), an index based on NAFCU member responses to eight questions on growth and earnings outlook, lending conditions and regulatory burden.
NAFCU reported the CUSI increased in May and almost matched its highest score on record. The improvement can be attributed to a rebound in credit unions' positive expectations for growth over the next year, as well as increased loan demand during the month. However, respondents downgraded their expectations for regulatory relief this year.