ALEXANDRIA, Va.—When the NCUA board meets Thursday it will address a final rule related to federal credit union bylaws and the agency’s 2023 mid-session budget.
The Credit Union Governance Modernization Act (CUGMA), enacted in 2022, requires NCUA to implement a rule to make changes to member expulsion procedures bylaws of federal credit unions (FCUs).
In response to the NCUA’s proposed bylaws rule, which would develop a policy through which an FCU member may be expelled “for cause” by a two-thirds vote of a quorum of the FCU’s board, NAFCU noted it has called on the agency to adopt a “realistic” member expulsion policy that “avoids overly burdensome requirements, provides clear guidelines, and prioritizes the safety and welfare of credit union staff and boards of directors.”
The meeting begins at 10 a.m. ET and will be livestreamed on the agency’s website. CUToday.info will provide complete coverage.
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