{"id":"AGY-FED-FINANCIAL-030","kind":"context","level":"federal","jurisdiction":"United States; National Credit Union Administration (federal)","state":"","metro":"","industry":"","agency":"FED-FINANCIAL","eco":"","issuer":"NCUA Chairman Rodney E. Hood","authority":"12 U.S.C. § 1758; 12 C.F.R. § 701.2","instrument":"Letter to Federal Credit Unions 20-FCU-02","title":"NCUA Actions Related to COVID-19 - Annual Meeting Flexibility","dateIssued":"2020-03-01","effective":"Immediately upon adoption by a two-thirds board vote (letter dated March 2020; effective \u0027immediately\u0027 on the strength of the March 13, 2020 national emergency proclamation)","end":"Extended for 2021 meetings by 20-FCU-04 (Nov. 2020, Ex. 047) and for 2022 by a later letter","startDate":"2020-03-13","endDate":"2021-09-30","quarters":["2020Q2","2020Q3","2020Q4","2021Q1","2021Q2","2021Q3"],"types":["GATH","OTHER"],"addressees":["boards of directors and chief executive officers of all federal credit unions"],"clause":"Because of President Trump\u0027s national emergency proclamation on March 13, effective immediately, a federal credit union may adopt by a two-thirds vote of its Board of Directors the below bylaw amendment to Article IV without undergoing further bylaw approval processes with the NCUA.... Section 6. Emergency exception to in-person quorum requirement. This credit union may hold its annual meeting of the members, and special member meetings for authorized purposes other than member expulsion under Article XIV of these bylaws, virtually and without an in-person quorum if all of the following conditions apply and are certified in meeting minutes by a resolution of the majority of a quorum of the board of directors: At least one of the following is located in an area where a federal, state, or local authority has declared a state of emergency or major disaster: a. all or part of a community the credit union serves; or b. the credit union\u0027s headquarters.","enforcement":"Federal Credit Union Bylaws (12 C.F.R. part 701, App. A) enforceable under 12 U.S.C. § 1786","functions":["OP governance (annual member meetings held virtually without in-person quorum)","MK member relations","CB members"],"notes":"Direct federal recognition that the emergency declarations prevented in-person member meetings; the bylaw\u0027s condition is the existence of a declared emergency in the credit union\u0027s community","sourceUrl":"https://www.ncua.gov/regulation-supervision/letters-credit-unions-other-guidance/ncua-actions-related-covid-19-annual-meeting-flexibility","snapshot":"https://web.archive.org/web/2021/https://www.ncua.gov/regulation-supervision/letters-credit-unions-other-guidance/ncua-actions-related-covid-19-annual-meeting-flexibility","fileExists":true,"fileBytes":489204,"grade":"primary","character":"context","description":"","collection":"AGY-FED-FINANCIAL","url":"/library/AGY-FED-FINANCIAL-030","exhibitUrl":"/exhibit/AGY-FED-FINANCIAL-030","citation":"NCUA Chairman Rodney E. Hood, Letter to Federal Credit Unions 20-FCU-02 (Mar. 1, 2020) (Ex. AGY-FED-FINANCIAL-030)","stateName":"","related":["SEC-13-GM-028","AGY-FED-FINANCIAL-029"]}