NCUA Adopts Modified Bylaw Plan

ALEXANDRIA, Va. — 10-26-2007 - The NCUA Board voted 2-1 today to reincorporate the Federal Credit Union Bylaws into federal regulation.

Despite assurances from NCUA that they are not interested in becoming bylaw police, the credit union trade associations will keep a close eye on enforcement. The bylaws were removed from the regs as part of the overall deregulation movement in the 1980s.

NCUA Vice Chairman Rodney Hood cast the dissenting vote. "I have asked a lot of questions of the NCUA staff about the necessity of this proposal and could only come to one conclusion—incorporating the bylaws into regulation is not only excessive, but unnecessary," he said during his remarks at today’s board meeting. (CU Times)