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Annual Meeting Results

June 8, 2020

For the safety of our Members and employees due to COVID-19, we invited Members to participate in our annual meeting by proxy only this year, instead of hosting a live event. The Board of Directors met via video conference on April 23 to review the membership proxy votes. As a result of the votes, the membership approved the two bylaw amendments. RCU’s bylaws have been amended to allow for a range of seven to eleven Members on the Board of Directors, but will currently remain at nine Members as it traditionally has. In addition, an Audit and Enterprise Risk Committee has been adopted in lieu of a Supervisory Committee. These changes help to modernize RCU’s governance structure and to allow for continued strength and growth into the future.

Because there were three qualified, unopposed nominees for the three open Board positions, and because the membership has approved the board action to establish an Audit Committee in lieu of a Supervisory Committee, there was no need for an election of officials. Following are the 2020 Board of Directors and Audit Committee members who volunteer their time to provide leadership to RCU on your behalf!

 

Board of Directors

Debbie Watts, Board Chair
Rod Dole, Board Vice Chair
Greg McGuirk, Board Secretary
Rob Eyler, Board Treasurer
Judy Herrerias-James
Jim Olmsted
M. Christina Rivera
Robert Steele
Lisa Wittke Schaffner
David Gouin, Associate Board Member

 

Audit and Enterprise Risk Committee (appointed by the Board)

Lisa Wittke Schaffner, Committee Chair
Rod Dole, Committee Secretary
M. Christina Rivera
Martin Grove
Dave Imoto

PPP Forgiveness Application Deadline

Congress passed The Economic Aid Act which changed the deferment period from 6 months post covered period to 10 months post covered period. For example, if your covered period ended June 30, 2021, under the new guidelines the earliest your first loan payment wouldn’t be due until April 2022, and you have until then to request forgiveness. Please use the following calculation to help you identify when your forgiveness will be due:

  • PPP borrowers may select a covered period anywhere from 8 weeks to 24 weeks.
  • RCU is automatically calculating your loan due date based on a 24-week covered period, if you intend on using a shorter covered period please inform us immediately as this will impact your due date.
  • Your correct deadline will be reflected in your online banking account.

If all or part of your PPP loan is not forgiven, your first loan payment will be due the first of the following month after a decision is made by the SBA.

 

 

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