Compliance Question of the Week

How detailed should board minutes be?

There are no regulations or bylaw provisions that provide an official answer to this question. Good corporate practices indicate that board minutes should:

  • List who attended the meeting;
  • Report on all actions taken at the meeting, with it being especially important to reflect discussion and actions on policy matters;
  • Record all votes with the names of those voting against a motion or abstaining;
  • Reflect the supervisory committee’s reports to the board; and
  • Report on follow-up actions board and management have taken to correct problems identified by the supervisory committee, the outside auditor and the examiner.

The minutes should indicate that there are regular reports to the board on the financial condition of the credit union.

Minutes of all board meetings, the supervisory committee, the credit committee (if the credit union has one), and the annual meetings of the membership need to be permanently retained by the credit union. Minutes and other permanent records of the credit unions can be kept in paper, electronic, microfilm or other format. See Section 749 for more details on record retention.

Related Links

12 CFR 749

Interested in learning more?

In today’s rapidly changing financial services climate, credit unions are finding they must be able to rely upon the leadership skills of their elected officials. The NWCUA’s 2012 Volunteers’ Conference prepares credit union volunteers to work efficiently, make informed decisions and improve credit union performance by understanding key issues that are impacting the industry. This regionally unique event offers national-quality learning for both new and experienced volunteers, with the valued convenience of a regional location.


Questions? Contact the Compliance Hotline: 1.800.546.4465,

Posted in Compliance News.