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Compliance Blog covers adopting FCU bylaw updates
In a new post on the Compliance Blog, NAFCU Senior Regulatory Compliance Counsel Elizabeth LaBerge discusses adopting the NCUA's update of its federal credit union (FCU) bylaws and posting them online. The NCUA Board last month unanimously passed a final rule, codifying in one place several NCUA legal opinions and a variety of bylaw provisions.
"If an FCU is onboard with some or all of NCUA's updated FCU Bylaws, it may want to consider adopting them," writes LaBerge. "While NCUA encourages FCUs to adopt the revised bylaws, FCUs are in no way required to do so." She further clarifies the process for adopting the new bylaws.
LaBerge also details the requirements for making the bylaws available to members: "A new comment to this provision indicates that credit unions are not required to establish and maintain a website solely for this purpose. Further, the preamble states that the bylaws can be posted in a password protected member-only area of the website so that they are not available to the general public," LaBerge says.
Read LaBerge's full blog for more on adopting and posting the bylaws online, including new regulations surrounding both issues.
NAFCU's Regulatory Compliance Team has posted a number of blogs covering what credit unions should know about the bylaw updates in regards to expulsion and limitation of services, bylaw amendments, meetings and elections, directors and the board, and some FAQs.
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