FROM: Sheila A. Albin, Associate General Counsel
You have requested comment on a nonstandard bylaw amendment submitted for approval by the [redacted] Federal Credit Union. We have no legal objections to the proposed amendment.
The credit union wants to decrease the required number of names on nominating petitions from one percent of the membership to one-half percent, with a minimum of 20 and a maximum of 500 signatures. NCUA’s position, as provided in our form federal credit union bylaws, is that the number of petition signatures should not exceed one percent of the membership or 500 members. Federal Credit Union Bylaws (Oct. 1999), Article V, Options A2, A3 and A4. Decreasing the number of signatures required to petition for a nomination eases the nominating process, thereby allowing a potentially greater number of candidates to run for the credit union’s board.
cc: All Regional Directors