By:  Jennifer Winston

jwinston@cusolaw.com

There has been some uncertainty whether federal credit unions could continue to hold completely virtual annual meetings in 2023 under the emergency exception bylaw announced in 2020.  We now know that the answer is NO.

In a Letter to Credit Unions issued this week, the NCUA has announced the expiration of the emergency exception that allowed federal credit unions to conduct their membership and board of director meetings fully virtual.  The emergency exception will expire December 31, 2022.

Although the NCUA doesn’t believe circumstances warrant invoking the emergency exception bylaw provision after this year, federal credit unions that did adopt it may retain it in their bylaws.  This exception will only be applicable if the NCUA issues a new notification allowing federal credit unions to invoke it.

The NCUA reminds federal credit unions that they may continue to choose to hold hybrid meetings, which consist of a virtual meeting held in conjunction with an in-person meeting.   NCUA recommends that federal credit unions review their bylaws to ensure they authorize hybrid meetings or to amend their bylaws as necessary.

You can read the full Letter to Credit Unions here.

If you have any questions on whether your bylaws allow for hybrid meetings, please contact our office and we can assist you.