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Credit union annual meeting guidance during COVID-19 pandemic

Both the Missouri Division of Credit Unions and Kansas Department of Credit Unions have responded to inquiries about annual meetings following governmental recommendations to avoid large gatherings. The National Credit Union Administration has also released guidance.

Kansas
Kansas Governor Laura Kelly declared a State of Disaster Emergency on March 12. Due to the broad language used in the Governor’s declaration, credit union boards of directors have the discretion to postpone the annual meeting indefinitely. The Department of Credit Unions urges boards to contact legal counsel to determine the appropriate procedures to be implemented for a “virtual” meeting and/or mail-in voting if needed. If you have questions, please contact the Kansas Department of Credit Unions.​

Missouri
Under current state law, state-chartered credit unions are required to hold their annual meeting within the first 180 days of the fiscal year, which would be June 28, 2020. Due to the special circumstances surrounding COVID-19, the Division of Credit Unions states that credit unions may extend the June 28 deadline if they feel it is in their members’ best interests due to public health concerns.  This is not a directive from the Division to cancel any planned annual meeting, but clarification that the June 28 deadline should not be a factor in any decisions regarding board meetings. If it is determined the deadline cannot be met, please notify your examiner or the Jefferson City office at that time. 

Federal
The National Credit Union Administration released guidance for annual meeting for credit unions and federally-insured credit unions. Here are some additional FAQs.