The National Credit Union Administration has given federal credit unions increased flexibility to hold virtual annual meetings or delay their annual meetings because of the COVID-19 pandemic. On March 20, NCUA issued a letter to FCUs authorizing a new “emergency exception to in-person quorum requirement” bylaw that all FCUs have the option to adopt in order to hold their 2020 annual meetings virtually. FCUs also have the option to postpone their 2020 annual meetings to as late as December 2020.
For an FCU to hold its annual meeting virtually, a two-thirds majority of its board of directors must adopt the new bylaw. No additional NCUA approval is required to adopt the bylaw. FCUs that adopt the new bylaw would be able to hold annual meetings virtually and without an in-person quorum so long as a quorum of the credit union’s directors certify that the following conditions are met:
- The credit union’s headquarters or all or part of a community that the credit union serves is located in an area where a federal, state or local authority has declared a state of emergency or major disaster;
continue reading »