NCUA Extends Meeting Flexibility AgainNovember 17, 2021 7:30 am
By Donya Parrish, MCU VP–Risk Management
We shared a blog last December discussing the flexibility that regulators were providing for membership meetings due to COVID. While many things have been returning to normal since then, the threat of spreading infection still exists. To protect credit union staff and members, NCUA issued a Letter to Federal Credit Unions this month offering federal credit unions the option to continue conducting their meetings virtually in 2022.
The letter details each of the bylaw provisions needed for federal credit unions to take advantage of this option but notes that virtual meetings are not required. In fact, your credit union is encouraged to make the decision that best fits your membership, team, and community. Just know that NCUA is allowing continued flexibility in this area.
We do not have a recent update from the Montana Division of Banking, but the option of virtual meetings and participation they offered in 2020 is still available. As a refresher, the Division provides model bylaws that include language to adopt for virtual meetings and participation. A 2/3 vote of the board is required as is written approval by the Division of any changes to the bylaws. The State also provides commentary on electronic voting and voting methods on page 23 of those model bylaws.
While we look forward to meeting in person for many reasons, having the option of a virtual membership meeting can be a bonus with larger fields of membership and Montana weather, which many of you know can add a challenge on any given day!
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