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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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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.

Nonstandard Bylaw Amendment

95-0725 / July 1995

Nonstandard Bylaw Amendment

Subject

Bylaws

Historic Status

Historic

GC/MFR:bhs
SSIC 6100
95-0725

[redacted]

FROM: Richard S. Schulman, Associate General Counsel

SUBJ: Nonstandard Bylaw Amendment - [redacted]
(Your July 17, 1995, Memorandum)

DATE: July 26, 1995

You have asked for our comments on [redacted]request for a nonstandard bylaw amendment to Article XII, Section 1 of the standard Bylaw Amendments. As stated in your memo, this office "has no legal objection to a nonstandard bylaw amendment that waives the majority of signatures requirement for a not-for-profit organization so designated under the IRS Code. Rather, requests for nonstandard amendments are to be reviewed on the basis of safety and soundness."

You have also asked whether unsecured lending is permissible if an FCU has adopted the nonstandard amendment waiving the majority of signatures requirement for a not for-profit organization. Your query is based on the fact that §701.21 (h)(2)(ii)(B) is silent with respect to collateral. This section is silent because it only addresses signature requirements, collateral having been addressed in the immediately preceding subsection. The collateral requirements in §701.21 (h)(2)(ii)(A) are applicable to all member business loans with the limited exception of credit card lines of credit described in §701.21(h)(2)(ii)(C).

[redacted]

Last modified on

11/14/24