NCUA’s FCU Bylaws Proposal

NCUA’s FCU Bylaws Proposal

NCUA is proposing to update, clarify, and simplify the FCU Bylaws found in Appendix A to part 701 of NCUA's rules and regulations. NCUA is also proposing changes that will update and conform the FCU Bylaws to legal opinions issued by the NCUA's Office of General Counsel and/or provide greater flexibility to FCUs. Finally, the Board is proposing other changes that are designed to remove outdated or obsolete provisions.

 

The proposed rule incorporates many of the suggestions the Board received in response to the 2018 ANPR and throughout the NCUA's ongoing review of the FCU Bylaws. In addition, the proposed rule clarifies provisions that have created confusion in the past. In some instances, a proposed change offers more detail or further elaboration to help FCU officials, employees, and members better understand a provision. The proposed rule also makes stylistic and grammatical changes throughout the FCU Bylaws, which provide for a much clearer and more readable document. For example, the proposed rule moves the entire body of staff commentary to the end of the FCU Bylaws, with corresponding references to the articles and section numbers that are the subject of the commentary.