Do We Post It On The Website?
A credit union’s website can provide a lot of information to members and potential members, so we often get asked what type of information or documents must be posted to a credit union’s website. This blog discusses some items that must be provided on the credit union’s website, and others that are commonly found on credit union websites but are not required by law.
Bylaws
Article XVI Section 6 of the model bylaws requires the credit union to post the bylaws of the credit union on its website. As credit unions are not required to adopt the latest version of the model bylaws, you may want to review your credit union’s current version to determine if this provision has been adopted by the credit union.
Notice of Annual Meeting
For credit unions that have adopted the most recent version of NCUA’s model bylaws, Article IV of the model bylaws explains delivery of the annual notice:
“The secretary may deliver the notice in person, by mail to the member's address, or, for members who have opted to receive statements and notices electronically, by electronic mail. The secretary must give notice of the annual meeting by posting the notice in a conspicuous place in the office of this credit union where members may read it at least 30 days before the meeting. The secretary must also prominently display the notice on the credit union's website if such credit union maintains a website.” Emphasis added.
The credit union may want to review its current bylaws to determine if posting the notice of annual meeting on the credit union’s website is required.
Notice of Nominees
Election Options A2, A3, and A4 all require the credit union to post a list of the nominees on the credit union’s website. The model bylaws state:
“At least 35 days before the annual meeting, the secretary will post the nominations by petition along with those of the nominating committee in a conspicuous place in each credit union office and on the credit union’s website (if the credit union maintains a website).”
If the credit union has adopted any of these election options, the credit union may want to review its bylaws to see if it has also adopted the requirement to post the notice of nominees on the credit union’s website.
Monthly Financial Statement
Article VII Section 6 states that the financial officer must post a copy of the monthly financial statement “in a conspicuous place in the office of the credit union where it will remain until replaced by the next month’s financial statement.” The bylaws require the credit union to post the financial statement in the office of the credit union, but does not require the credit union to post the financial statement on its website.
Keep in mind, Article XVI Section 6 of the model bylaws states that “all books of account and other records of this credit union must be available upon request at all times to the directors, committee members of this credit union, and members provided they have a proper purpose for obtaining the records.” If a member requests a copy of the financial statement and the member has proper purpose for obtaining the record, the bylaws would require the credit union to provide the financial statement to the member.
Fee Schedule
Section 707.4(b)(4) of NCUA’s Truth in Savings rule requires credit unions to disclose the “amount of any fee that may be imposed in connection with the account (or an explanation of how the fee will be determined) and the conditions under which the fee maybe imposed.” Credit unions typically disclose these fees on a fee schedule and as part of the account opening disclosures under Truth in Savings.
Sections 1026.5(b)(1) & 17(b) of Regulation Z have specific disclosure requirements for fees charged in connection with open-end and closed-end consumer credit. These fees must typically be disclosed at account opening (for open-end credit) or before consummation (for closed-end credit) as part of the Regulation Z disclosures.
The regulations require the credit union to provide the member with the fees associated with the account opening, which some credit unions satisfy by attaching a fee schedule to disclosures in order to easily disclose the amounts of fees. Though the regulation does not require the credit union to post a general fee schedule on its website, credit unions may consider posting a fee schedule to ensure the fees are provided to members when opening an account online and as a member service.