New Year’s Resolution: Shape Up Board Minutes

January 2008Articles Credit Union Magazine

Printer Friendly

Credit Union Board meeting minutes typically are drafted, reviewed, adopted and forgotten.

While examiners expect access to minutes, members and others rarely scrutinize them once adopted. Therefore, credit unions haven’t focused on the content and format of these important records.

In November 2007, the National Credit Union Administration (NCUA) instituted a new regulation allowing federal credit union members to inspect their credit unions’ books, records, and minutes under certain conditions. This provides a perfect impetus for re-evaluating how your credit union keeps records of its proceedings.