OLYMPIA, Wash.—Can CUs in the state of Washington hold a virtual annual membership meeting? Only if they hold an in-person meeting at the same time.
That is the ruling from the Washington-state Division of Credit Unions, which has issued an interpretive letter on virtual membership meetings. The Division made the same ruling regarding any special meeting of a credit union.
The Division noted that virtual meetings can offer the following benefits:
- Cost savings
- Taking advantage of emerging or social technologies
- Avoiding traffic congestion and travel in inclement weather
- Experiencing less disruption to the organization’s daily routine
- Reducing environmental impact
- Expecting greater participation by members due to the convenience of virtual meetings
The Division also noted that virtual meetings can lead to a lack of face-to-face contact with management and board of directors, leading to reduced effectiveness of member communications.
The state regulator pointed out that the Washington Credit Union Act requires a credit union's bylaws to address the time and place of an annual meeting. In addition, a special meeting must be held in a reasonable location in the county that is the principal place of business for a credit union.