The COVID Project
Context, not an orderThis record is guidance or an announcement kept for context. It is not counted among the orders in force.
The record
- Jurisdiction
- United States; National Credit Union Administration (federal)
- Level
- Federal
- Authority
- 12 U.S.C. § 1758; 12 C.F.R. § 701.2
- Issued
- 2020-03-01 Mar. 1, 2020
- Effective
- Immediately upon adoption by a two-thirds board vote (letter dated March 2020; effective 'immediately' on the strength of the March 13, 2020 national emergency proclamation) (read as 2020-03-13)
- End
- Extended for 2021 meetings by 20-FCU-04 (Nov. 2020, Ex. 047) and for 2022 by a later letter (read as 2021-09-30)
- In force
- Mar. 13, 2020 to Sept. 30, 2021
- Quarters
- 2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3
2020 Q22020 Q32020 Q42021 Q12021 Q22021 Q3
- Limitation types
- Gathering capOther
- Addressees
- boards of directors and chief executive officers of all federal credit unions
- Functions reached
- OP governance (annual member meetings held virtually without in-person quorum)
- MK member relations
- CB members
- Character
- context
- Collection
- Federal financial regulators AGY-FED-FINANCIAL
Operative words
Because of President Trump's 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's headquarters.
Enforcement
Federal Credit Union Bylaws (12 C.F.R. part 701, App. A) enforceable under 12 U.S.C. § 1786
Notes
Direct federal recognition that the emergency declarations prevented in-person member meetings; the bylaw's condition is the existence of a declared emergency in the credit union's community
Retrieval noteMonth-dated letter (March 2020); rendered from the archived NCUA page. it is not itself an order, rule, directive, resolution or condition of a license or contract. Cite it as context and cite the underlying order or statute as the instrument).