NCUA issues letter to federal credit unions regarding annual meeting flexibility

Federal Issues Covid-19 NCUA

On March 20, the National Credit Union Administration (NCUA) issued a letter to federal credit unions permitting federal credit unions (by adoption by the board of directors of a bylaw) to hold annual meetings, and special member meetings for certain purposes, virtually and without an in-person quorum if certain conditions apply. The letter provides additional guidance to federal credit unions on the ability to revoke the bylaw amendment, the ability to postpone annual meetings, the ability to amend the date of its annual meeting, and the adjournment of a meeting for lack of a quorum.