WASHINGTON (1/23/12)--The Credit Union National Association (CUNA) has developed model bylaws to serve as a guideline for state-chartered credit unions. Because requirements for bylaws vary from state to state, the model bylaws are intended to provide options of what may be included in them, said CUNA.
"The model bylaws have been designed to provide maximum flexibility to credit unions, drafted in a broad manner to allow discretion and not restrict a credit union's operations," said Lynn Coard, director of state advocacy and an attorney with CUNA's State Government Affairs, which developed the model bylaws.
CUNA advises credit unions to ensure their bylaws are consistent with their state credit union act, as well as with any other applicable laws and regulations. These model bylaws will be a useful resource to assist state-chartered-credit unions in enhancing their governing documents and provide better service to their members, said CUNA.
A group of league attorneys who worked last year on updating the Model Credit Union Act had suggested that model bylaws be developed to provide a tool for state-chartered credit unions to assess and, when appropriate, modify their bylaws to facilitate effective credit union management and operation.
CUNA's State Credit Union Subcommittee, which comprises 12 credit union executives and three representatives from state leagues, also was involved in drafting the bylaws and provided input based on credit unions' experiences.
The bylaws include sections on, among others:
- Committees; and
- Amendment of bylaws.
To access the model bylaws, use the link.