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| Compliance: Relief in Credit Union Board Modernization Act |
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The Credit Union Board Modernization Act is a win for credit unions, one that’s the result of consistent, relentless advocacy across multiple Congresses. A new Compliance Blog post examines in detail the relief it provides credit unions and other things they should know.
Specifically, the legislation amends the Federal Credit Union Act (FCU Act) to allow federally chartered credit unions to hold a minimum of six board meetings a year instead of the previously required 12. Boards still must meet at least once per quarter.
The decision to reduce meetings is optional, and the blog also notes change in statute does not automatically change the Federal Credit Union Model Bylaws.
“As such, federally chartered credit unions should continue to follow their existing bylaws until NCUA updates the Model Bylaws,” it reads. “Once that occurs, credit unions may adopt those new bylaws.”
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