Board of Directors/Supervisory Committee

What flexibilities exist for FCU monthly Board of Directors meetings?

The FCU Act requires FCU Boards to meet monthly. The FCU bylaws require only one face-to-face board of directors meeting per year. All other meetings may be conducted by video or teleconference. The one in-person meeting requires the actual presence of only a quorum of directors, not every director. Absent directors may participate by video or teleconference.

Source: NCUA Actions Related to COVID-19; LCU 20-CU-02

Is a FCU's supervisory committee required to meet monthly?

While the NCUA does require federal credit union boards to meet monthly, NCUA regulations are silent on federal credit union supervisory committee meetings, and there is no NCUA requirement for the supervisory committee to meet monthly. Prudently the supervisory committee should meet at least quarterly. Federal credit unions should refer to their own bylaws though, so as not to be in violation of them. Federal credit union supervisory committee responsibilities require they ensure the credit union has established practices and procedures sufficient to safeguard members assets. The committee can perform these duties themselves if qualified, or contract with an external audit firm. Reference: NCUA’s Supervisory Committee Guide.