NCUA Spells Out Petition Requirements
Individuals can only sign petitions once regardless of how many accounts they have and each nominee for a board membership position must have his own petition.
Those are among the conclusions of an NCUA legal opinion letter written by Associate General Counsel Hattie Ulan.
Ulan wrote that the petition should include additional information to verify the signer's identity but because of privacy concerns the credit union shouldn't require members to disclose their account numbers or full Social Security numbers.
She added that each credit union should establish a policy signature collection on its premises, but the agency encourages credit unions to allow signature collections that don't cause safety or security concerns.
Minor account holders can sign petitions if they meet the credit union's membership and minimum age requirements.
A designated agent could sign a petition on behalf of a business account holder.
Ulan spelled out the rules in response to a letter from Dean Hiller of Shrub Oak, N.Y.