The National Credit Union Administration's emergency exemption allowing for remote board and membership meetings at federally chartered institutions is scheduled to lapse at year-end. The agency's chairman recommended hybrid meetings as an option that can satisfy traditional meeting requirements.
The Hauppauge, New York, institution plans to take advantage of its open charter that allows anyone in the U.S. to join after several years of building out its infrastructure to support a national business. Bankers decried the move as further overreach by the credit union industry.