In an effort to strengthen the federal credit union charter, CUNA will review the Federal Credit Union Act bylaws, and the MCUL will be participating in this process and encouraging Michigan’s credit unions to provide input. Proposed revisions and other input will be sought from credit unions that reflects the current operating environment and identifies any bylaw areas that are currently problematic. Credit unions are also encouraged to send any nonstandard bylaws that have been approved by the NCUA as well as nonstandard bylaws that have been rejected by the NCUA. Any rejected nonstandard bylaws will also help with revisions to the standard bylaws.
The Federal Credit Union bylaws address matters concerning a credit union’s organization and governance, the relationship of the credit union to its members and the procedures and rules a credit union follows. As indicated in NCUA Rules Part 701, the bylaws supplement the broad provisions of: A federal credit union’s charter, which establishes the existence of a federal credit union; the Federal Credit Union Act, which establishes the powers of a federal credit union; and NCUA regulations, which implement the Federal Credit Union Act. The Federal Credit Union bylaws were last updated in 2007 and are in need of modernization.
Federal credit unions are encouraged to provide their input on any bylaw revisions to Kieran Marion at Kieran.Marion@mcul.org or directly to CUNA’s Lance Noggle at email@example.com with Kieran Marion copied.