NCUA Clears Qualifying Credit Unions to Use New Board Meeting Schedule
On Aug. 19, the NCUA issued guidance on the changes to the board meeting requirement for federal credit unions. In July, the ROAD to Housing Act was passed, and as part of that legislation, there was relief provided to federal credit unions, allowing them to hold less frequent board meetings.
For well-rated (CAMELS 1 or 2) federal credit unions, board meetings are required six times a year instead of 12 with at least one meeting to be held per fiscal quarter.
Additionally, federal credit unions with lower supervisory ratings (those with composite CAMELS 3, 4, or 5; or management rating 3, 4, or 5) must meet at least monthly.
In its update to credit unions, the NCUA shared it will also formally implement the new law with updates to regulations and model bylaws.
« Return to "Advocacy"
