FROM: Sheila A. Albin, Associate General Counsel
You have requested comment on a nonstandard bylaw amendment submitted for approval by [redacted] Federal Credit Union. The credit union proposes to amend its bylaws by prohibiting a director or committee member from being employed by the credit union for a minimum of two years from the date the official terminates such position. We have no legal objection to this bylaw amendment. This request is similar to one submitted by [redacted] Federal Credit Union. For your convenience, we have attached a copy of our May 12 response to [redacted], as well as a letter to Scott Pfaff of PALCO Federal Credit Union regarding this issue.
cc: All Regional Directors