Minnesota Standard Credit Union Bylaws Updated

The Minnesota Department of Commerce has approved MnCUN’s proposed updates to the Standard Credit Union Bylaws. Thank you to the members of the Network’s State Charter subcommittee for providing valuable input and feedback as we worked to revise and make enhancements.

The changes include the following:

• Article II Membership Section 4 Optional – expulsion of members
• Article IV Board of Directors Section 6 Added – common practice
• Article IV Board of Directors Section 10 Optional – indemnification
• Article VII Amendments Section 2 – updated to match statute verbiage
• Other minor verbiage updates

Each credit union has the option of adopting the new bylaws. These documents can also be found on the Minnesota Department of Commerce’s website: https://mn.gov/commerce/industries/financial-institutions/credit-union/