A Direct Line Blog

By Donya Parrish, MCU VP Risk Management

As hard as it is to believe, annual meeting season is here for many of your credit unions. The meeting may feel like one of the most routine things your credit union does, so don’t forget that there are timelines and guidelines to follow for notice of the meeting, format, and the election of open board seats. Those are all laid out in your credit union’s bylaws.

NCUA has its 2020 version of bylaws available online. If you have adopted a prior version, you need to refer to your own approved version for details.

The Annual Meeting

Of particular note for the annual meeting is Article IV Meetings of Members. It covers the requirement to hold an annual membership meeting, states where it can be held, and how notice must be given to the membership. It also includes newer verbiage allowing for virtual attendance and participation for those not in the immediate area of the meeting. That is a great way to engage members as your credit union grows beyond your initial community.

In discussing how notice of the annual meeting is given, note that the 2020 version expands the previous “in the credit union lobby” notice to include that you “must also prominently display the notice on the credit union’s website if such credit union maintains a website.”

Board Elections

Article V Elections contains critical timelines that may need your attention soon. If you have open board seats, a nominating committee, and proper notice may be required. It can depend on the election option chosen for your credit union, so again, check your own version for the specific details.

State chartered credit unions must also rely on their own version of approved bylaws for the annual meeting and elections.

With bylaw versions that are not consistent between institutions, you should ensure someone at your credit union is paying attention and watching the calendar for important deadlines. As democratically controlled financial cooperatives, the credit union annual meeting is a great way to showcase the credit union difference!