Regulatory Advocacy Win in Colorado Improves Board Meeting Requirements

Today, Colorado Credit Union Commissioner Mark Valente has issued new guidance, bringing increased flexibility and clarity to board meeting requirements for state-chartered credit unions. The GoWest legislative and regulatory advocacy team and members of the State Issues Working Group (SIWG) and Governmental Affairs Committee (GAC) have been actively engaging with our state regulators to discuss these changes, and the result is today’s significant announcement. You can read the entire release here.

Over the last couple of years, credit union leaders on the SIWG and GAC have identified key policy recommendations that support operational flexibility so that Colorado credit unions can meet the needs of members today and in the future.

Some of those recommendations will require legislative solutions. However, two recommendations – reducing the number of required board meetings and clarifying that state-chartered credit unions can leverage technology solutions to meet these board meeting requirements – were achieved through the targeted regulatory advocacy efforts.

 

Highlights of the New Guidance:

Reduced Board Meetings: Credit unions with CAMEL ratings and a Management score of 1 or 2 may now reduce their required board meetings to six annually, ensuring at least one meeting per quarter. This change gives eligible credit unions the flexibility to balance operational demands with regulatory obligations.

Virtual Board and Annual Meetings: The guidance also clarifies that state-chartered credit unions may conduct both board and annual meetings virtually, providing increased accessibility and convenience for board members and management.

 

GoWest Credit Union Association recommends adopting the bylaw amendment as outlined in the guidance. Once in place, credit unions meeting the requirements have the flexibility to reduce the number of meetings without an obligation to do so. For those that don’t yet meet the criteria, the bylaw amendment can still be adopted, with monthly meetings remaining as the minimum requirement. The bylaw amendment can be adopted immediately. However, it goes into effect January 1, 2025.

We extend our gratitude to the Colorado Division of Financial Services for their responsive action, to our Colorado State Issues Working Group, Colorado Government Affairs Committee, and the advocates who helped bring these improvements forward, particularly during our regulatory dialogues at MAXX.

Credit unions’ engagement in the advocacy process helps to develop effective legislative and regulatory strategies and to build trusting relationships with policymakers. Obtaining this guidance without the need for legislation, allows continued focus on other legislative priorities in the coming session, and ultimately allows you to stay focused on continuously providing world-class service to your members.

 

 

Posted in Advocacy on the Move, Colorado Advocacy, Regulatory Advocacy.