NCUA Extends Virtual Meeting Policy

The National Credit Union Administration is extending its policy of allowing federal credit unions to hold membership and annual meetings virtually as a result of the coronavirus pandemic crisis.

Under the policy, a federal credit union may, under certain circumstances, hold virtual meetings if two-thirds of its board of directors vote to do so and the board adopts an amendment to its bylaws, NCUA Chairman Rodney Hood said in a letter to credit unions. In addition, federal credit unions may choose to hold board of director meetings virtually, Hood said.

To qualify for the virtual meeting policy, a credit union must be located in an area where a state of emergency or major disaster has been declared. In addition, the credit union must have the technological capacity to hold such meetings. Members of the credit union also must be given seven days’ notice and be given instructions about how to participate and vote during the meeting.

Hood also said that federal credit union bylaws permit meeting notices to be sent electronically to members who have opted to receive statements and notices electronically.

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