Washington State-Chartered Credit Union Changes Bylaws Regarding Frequency of Board Meetings

May 27, 2014 – Arlington, Va. One month after Washington’s issuance of a final rule on the frequency of board meetings that allows credit union boards the option to meet six times a year if needed in order to allow for a greater focus on operations, a Washington State-chartered credit union has changed its bylaws to require at least six regular board meetings each year, with at least one of these meetings held in each calendar quarter.

The same credit union recently asked the director of credit unions how many meetings a board member may miss before becoming ineligible to serve as a director for the period remaining in his or her term. The state of Washington Department of Financial Institutions Division of Credit Unions has issued Interpretive Letter I-14-02 on the issue.

 

 

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