AUSTIN, Texas – Regulators explained to state chartered credit unions new annual disclosure requirements approved by the state CU Commission late last year that will include providing an annual report to all members.
The report must be updated before the credit union’s annual meeting and must include the board of directors’ names and dates of expiration of their terms of office, the names of any honorary or advisory directors appointed by the board, any changes since the last report in the credit union’s senior management staff, the credit union’s bylaws or articles of incorporation, financial condition and operating results, and the credit union’s membership size and services offered.
The report also must contain the credit union’s year-end balance sheet and its income and expense statement. The rule defines senior management staff to include the chief executive officer and any assistant chief executive officers, including vice-presidents and above, and the chief financial officer.
Credit unions must make the report available on their website throughout the year. A credit union that does not maintain a website must distribute the report at its annual meeting and must notify members at least annually that copies of the report are available on request.
