NCUA Says Credit Unions Can Move Immediately To Six Board Meetings A Year
By CU Today Staff —
ALEXANDRIA, Va.--NCUA notified federal credit unions Wednesday that it considers changes to board meeting requirements following enactment of the Credit Union Board Modernization Act as self-executing.
That means a qualifying federal credit union may begin using a six-meeting schedule immediately by amending its bylaws, without being required to first submit them to the NCUA for approval, America's Credit Unions reported.
ACU noted the new law amends Section 113 of the Federal Credit Union Act, replacing the requirement that a federal credit union board meet at least once a month to at least six times a year, with three tiers:
In its update to credit unions, the NCUA shared it will also formally implement the new law with updates to regulations and model bylaws, ACU added.
Originally reported by CU Today.