NCUA issues guidance on virtual meetings; e-sign for emergencies

by Loran Jackson, NAFCU Compliance Blog

As we continue to blog every business day, NAFCU is touching on credit union concerns caused by the COVID-19 pandemic.

First, after many questions from FCUs and advocacy by NAFCU, NCUA issued Letter to Federal Credit Unions 20-FCU-02. This letter allows FCUs to adopt the following bylaw amendment in order to hold annual meetings virtually in certain circumstances:

“Section 6. Emergency exception to in-person quorum requirement. This credit union may hold its annual meeting of the members, 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:

 

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