Cus In Gulf Coast Given Flexibility OnBoard Meetings

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ALEXANDRIA, Va. - (12/16/05) Credit unions in Gulf Coast states thathave had difficulty holding monthly board meetings in the wake oftwo major hurricanes are generally not in violation of any federalregulations, according to an Opinion Letter issued by NCUA. Theagency said there are flexible procedures in place for conductingboard meetings and member elections under such circumstances,noting that standard FCU bylaws require only one face-to-face boardof directors meeting per year. Other meetings may be conducted byvideo or teleconference, the agency said. The one in-person meetingrequires the actual presence of a quorum of directors, not everydirector. Credit union boards may act without a meeting, if thevote is unanimous and each board member's position is documented inwriting or e-mail, it noted in the opinion. Standard FCU bylawsalso permit directors to appoint temporary directors andsupervisory and credit committee members to serve in place of thosewho may need to step aside. NCUA said a federal credit union mayalso delay its annual member meeting for a few months. While an FCUis required to conduct an annual meeting and hold elections, thereis nothing in the FCU Act or FCU Bylaws to prohibit a change in thedate of the annual meeting, it said.

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