ALEXANDRIA, Va. — Following arguments over bylaws between members and management of credit unions considering mutual savings bank conversions, NCUA’s policy of relying on the state court system to clear things up proved to be less than desirable.As a result, NCUA is seeking to re-incorporate the Federal Credit Union Bylaws into its regulations by reference to provide the agency a full range of options for handling these situations. In particular, $1.8 billion DFCU Financial caused a huge stir when it declined a special member meeting despite a petition meeting its bylaw requirements to do so when it was seeking to become a mutual savings bank.

“Re-incorporation of the bylaws will once again assure the members that the bylaws do mean something and someone will be held accountable for enforcing them,” NCUA Chairman JoAnn Johnson stated.

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