Tuesday, February 20, 2018

Virtual Membership Meeting

Earlier this year, the Washington-state Division of Credit Unions issued an interpretive letter on virtual membership meeting.

The state credit union regulator stated that a Washington credit union may not conduct an annual membership meeting or special membership meeting as a virtual meeting without simultaneously conducting an in-person meeting.

However, the credit union regulator wrote that a virtual meeting can be conducted at the same time as an in-person meeting.

The letter noted that there are benefits associated with a virtual meeting, such as cost savings and greater membership participation; but virtual meetings also come with detrimental effects.

The state regulator pointed out that the Washington Credit Union Act requires a credit union's by-law to address the time and place of an annual meeting. In addition, a special meeting must be held in a reasonable location in the county that is the principal place of business for a credit union.

Read the interpretive letter.

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