Dear Board of Directors,
The purpose of this Letter is to provide all Federal Credit Unions with the guidance sent to NCUA field staff regarding reincorporating Federal Credit Union Bylaws into the NCUA Rules and Regulations. The attached Supervisory Letter addresses the standards for NCUA involvement and dispute resolution in bylaw matters.
Effective November 30, 2007, NCUA reincorporated the Federal Credit Union Bylaws into the NCUA Rules and Regulations with the revision of Part 701. This action was taken to clarify NCUA’s authority to use a range of administrative actions to enforce bylaw violations in the rare cases where bylaw disputes cannot be resolved within the credit union.
If you have questions regarding the enclosed document, please contact your district examiner or regional office.