ALEXANDRIA, Va.–Saying the COVID-19 pandemic continues to be a risk, NCUA has extended federal credit unions’ authority to continue to hold annual meetings virtually during 2022.
The agency offered the update in its latest Letter to Credit Unions, extending its prior statement that a federal credit union may adopt at any time, by a two-thirds vote of its board of directors, the following bylaw amendment to Article IV without additional approvals by the NCUA:
Section 6. Emergency exception to in-person quorum requirement.
“This credit union may hold its annual meeting of the members, the required in-person regular meeting of the board of directors under Article VI,” the agency wrote, “and special member meetings for authorized purposes other than member expulsion under Article XIV of these bylaws, virtually and without an in-person quorum if all of the following conditions apply and are certified in meeting minutes by a resolution of the majority of a quorum of the board of directors:
- “At least one of the following is located in an area where a federal, state, or local authority has declared a state of emergency or major disaster:
- all or part of a community the credit union serves; or
- the credit union’s headquarters.
- “The credit union has the technological capacity to facilitate virtual meeting attendance, voting, and participation.
- “Members receive at least seven days’ advance notice of the change of a member meeting to a virtual meeting format and appropriate instructions for how to join, participate, and vote during the virtual meeting.
- “The NCUA has issued general or specific guidance notifying the credit union that it is appropriate to invoke this bylaw provision.”
Other Options
The agency added a federal credit union may choose to adopt the amendment with or without the italicized language above related to meetings of the board of directors.
Federal credit unions choosing to adopt the amendment (with or without the language related to board of directors’ meetings) should ensure that the cross-citations conform to their version of the bylaws, NCUA said.