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Texas regulator issues guidance for credit union contingency plans
On March 10, the Texas Credit Union Department issued guidance to credit unions encouraging them to update their pandemic procedures, initiate contingency plans, and take steps to reduce Covid-19 transmission. The department also urged credit unions and their boards to remain informed on Covid-19 developments.
Washington regulator advises credit unions that virtual annual meetings are permitted
On March 6, the Washington Department of Financial Institutions, Division of Credit Unions notified credit unions that they are permitted to conduct annual meetings virtually, although any virtual meetings would need to be authorized by the institution’s bylaws and the meeting must otherwise be conducted under board-approved rules of procedure.
Washington regulator requests notice of credit union closures
On March 5, the Washington Department of Financial Institutions, Division of Credit Unions asked credit unions to provide notification if they temporarily close a branch or other location typically open to the public. The regulator also asked credit unions to provide notification if they otherwise limit the availability of services.