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Created by the U.S. Congress in 1970, the National Credit Union Administration is an independent federal agency that insures deposits at federally insured credit unions, protects the members who own credit unions, and charters and regulates federal credit unions.
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Regulation & Supervision
The NCUA protects the safety and soundness of the credit union system by identifying, monitoring and reducing risks to the National Credit Union Share Insurance Fund. Backed by the full faith and credit of the United States, the Share Insurance Fund provides up to $250,000 of federal share insurance to millions of account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions.
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The NCUA provides a number of support services to the credit union system, such as providing training, grants and loans, chartering, and field-of-membership services; maintaining the health and stability of Share Insurance Fund; managing the assets of failed credit unions; and providing emergency liquidity.
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Cyberattacks and cybersecurity vulnerabilities pose significant risks to the financial system. Because of vulnerabilities within the credit union industry and the broader financial system to potential cyberattacks, cybersecurity is one of the NCUA’s top supervisory priorities and a top-tier risk under the agency’s enterprise risk-management program.

Standard Bylaw Amendment

94-0624 / August 1994

Standard Bylaw Amendment

Subject

Bylaws

Historic Status

Non-historic

GC/MFR:bhs
SSIC 3700
94-0624

[redacted]

FROM: Richard S. Schulman, Associate General Counsel

SUBJ: Standard Bylaw Amendment

DATE: August 2, 1994

This office in conjunction with the Regions believes that a standard bylaw amendment addressing the issue of the board appointing a loan review committee in the absence of a credit committee is appropriate. Based on the comments from the Regions, the following language would address all concerns and be appropriate as a standard bylaw amendment:

Article VII, Section 5(g). Appointing a loan review committee, if the bylaws do not provide for a credit committee. The board may authorize the committee to overturn member loan application denials by a loan officer. The loan review committee shall function as a mid-level appeal committee and, upon written request of the member, shall review member loan applications denied by a loan officer. The original loan officer shall not participate in the review. Any denial of a member loan application, which is not overturned by the loan review committee may be appealed in writing to the board of directors.

We have attached the comments from the Regions for your review.

Enclosures (no attached)

cc: All Regional Directors

Last modified on

11/14/24