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Ex. AGY-FED-FINANCIAL-047 Context (guidance or announcement) Primary source read

Letter to Federal Credit Unions 20-FCU-04

Federal Credit Union Meeting Flexibility During the COVID-19 Pandemic

NCUA Chairman Rodney E. Hood · United States; National Credit Union Administration (federal) (Federal)

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The COVID Project
Context, not an order

This 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
2020-11-01 Nov. 1, 2020
Effective
November 2020 (extends 20-FCU-02 for 2021 annual meetings and board meetings) (read as 2020-11-01)
End
Through 2021 (a further letter extended the flexibility for 2022) (read as 2021-09-30)
In force
Nov. 1, 2020 to Sept. 30, 2021
Quarters
2020 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 (2021 annual member meetings and board meetings held virtually)
  • MK
  • CB members
Character
context
Collection
Federal financial regulators AGY-FED-FINANCIAL

Operative words

The NCUA understands COVID-19 continues to affect federal credit unions and their members to varying degrees. The agency, therefore, is extending the relief measures outlined in Letter to Federal Credit Unions, 20-FCU-02, NCUA Actions Related to COVID-19 - Annual Meeting Flexibility. Under this authority, a federal credit union may adopt, by a two-thirds vote of its board of directors, the bylaw amendment below to Article IV without additional approvals by the NCUA.... Section 6. Emergency exception to in-person quorum requirement. This credit union may hold its annual meeting of the members, the required in-person regular meeting of the board of directors [and special member meetings virtually and without an in-person quorum].

Enforcement

Federal Credit Union Bylaws; 12 U.S.C. § 1786

Notes

A Q3 2021 instrument: the NCUA's November 2020 determination that 2021 member and board meetings could not be assumed to be held in person

Retrieval note

Month-dated letter (November 2020). Cite it as context and cite the underlying order, statute or emergency rule it describes as the instrument. (Bulletins whose operative text imposes a mandatory duty on licensees under the regulator's own authority are excluded from this downgrade and listed separately for review.)).

A record of The COVID Project. The instrument's text is the source's; the summary fields are The COVID Project's reading of it. Not legal advice.