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About
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.
Regulation & Supervision
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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Analysis
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Support Services
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.
Consumers
Consumers
The NCUA works to protect credit union members and consumers, raise awareness of potential frauds, facilitate access to affordable financial services, and educate consumers on the importance of savings and how they can improve their financial well-being.
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Cybersecurity Resources
Cybersecurity Resources
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.

Nonstandard Bylaw Amendment

01-0320 / March 2001

Nonstandard Bylaw Amendment

Subject

Bylaws

Historic Status

Non-historic

GC/MFR:bhs
SSIC 3000
01-0320

TO: [redacted]

FROM: Sheila A. Albin, Associate General Counsel

You have asked this office to review a nonstandard bylaw amendment request from [redacted] Federal Credit Union (FCU). As explained below, we have no legal objections to the proposed amendments.

The FCU proposes to amend its bylaws to clarify two issues in the event of a disputed election. First, it wishes to include in its bylaws the language that “[a]ll elections are determined by plurality vote.” This language is included in the other FCU Bylaws election provisions and we have no legal concerns with it being included in the provision governing election by electronic device or mail ballot. It was inadvertently omitted when the bylaws were revised in 1999. We plan to include this language in the next bylaw revision.

Second, the FCU wants to state in its bylaws that the candidates “receiving the most votes shall be elected to the position to be filled having the longest term.” We have no legal concerns with this provision. As stated in your memo, this office has previously said that allowing the candidate with the most votes to fill the longest term is a permissible way to fill director vacancies.

Last modified on

11/14/24