NCUA Boardroom. (Photo: NCUA)
On Wednesday, the NCUA issued a Letter to Credit Unions to announce its decision to not extend its emergency exemption that allowed credit union annual meetings to be held virtually. The pandemic-related order will expire on Dec. 31, 2022.
The emergency order was first put in place in March 2020, as the COVID-19 pandemic began. The agency extended the order in November 2020 and November 2021.
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The Letter to Credit Unions stated, "The NCUA does not believe that current circumstances continue to warrant federal credit unions to invoke the subject bylaw provision beyond year-end 2022. Federal credit unions that have already adopted the bylaw amendment may retain it in their bylaws, but it will not be applicable after the end of 2022 unless NCUA issues a new notification allowing federal credit unions to invoke it."
While the virtual-only option is off the table, according to the NCUA's letter, credit unions may conduct hybrid annual meetings, if needed. "While general quorum requirements still must be met for hybrid meetings, federal credit unions may count attendees at both the virtual and in-person components toward those requirements. A hybrid meeting format could preserve federal credit union resources and reduce the effort required to hold meetings without disenfranchising those members for whom virtual attendance is difficult or impossible. Federal credit unions must also consider whether their current bylaws authorize hybrid meetings or whether bylaw changes will be necessary," the letter stated.
In a statement, NAFCU President/CEO Dan Berger applauded the NCUA's approach to the annual meeting issue during the pandemic. "NAFCU appreciates the NCUA heeding our calls for additional flexibility in credit unions' annual member meeting requirements," Berger said. "Even as the COVID-19 pandemic further demonstrated areas in need of modernization, credit unions proved how innovative they are in finding ways to serve members amid disruption. By allowing hybrid meeting formats, and for members meeting both in-person and virtually to count toward quorum in most situations, credit unions can keep members fully informed in the way that works best for them."
The NCUA's letter also stated federal credit union boards may conduct virtual-only meetings for all but one of their board meetings per calendar year. "If a quorum of the directors is physically present at the one required in-person meeting, then the remaining directors may attend that meeting virtually," the letter stated.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
