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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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Nonstandard Bylaw Amendment

04-0715R / July 2004

Nonstandard Bylaw Amendment

Subject

Bylaws

Historic Status

Non-historic

OGC/MFR:bhs
04-0715R

TO: [redacted]

FROM: Sheila A. Albin, Associate General Counsel

You have asked for our concurrence on a nonstandard bylaw amendment to Article III, Section 7 of [redacted] Federal Credit Union’s (FCU’s) bylaws. FCU Bylaws, Article III, Section 7. The proposed amendment requires joint account holders to establish separate membership accounts in order to be considered members of the FCU. As explained in OGC Legal Opinion 04-0257, dated May 3, 2004, available on the agency website, we have no legal concerns with the proposed nonstandard amendment.

We suggest revising the language of the proposed amendment to read as follows:

Each member must purchase and maintain at least one share in a share account that names the member as the sole or primary owner. Being named as a joint owner of a joint account is insufficient to establish membership.

Please let us know if you have any questions.

Last modified on

11/14/24