Bipartisan Credit Union Board Modernization Act introduced in Senate
WASHINGTON, DC (May 26, 2022) — Senators Kyrsten Sinema, D-Ariz.; Bill Hagerty, R-Tenn.; Alex Padilla, D-Calif.; and Thom Tillis, R-N.C. introduced a bipartisan bill Thursday to update credit union board meeting requirements.
“Thank you to Sens. Sinema, Hagerty, Padilla, and Tillis for their bipartisan leadership on this important issue,” said CUNA President/CEO Jim Nussle. “This legislation will give credit unions flexibility when setting board meeting schedules, allowing additional time and resources to go toward serving members.”
The Credit Union Board Modernization Act would modify the current Federal Credit Union Act requirements for credit union board meetings, allowing meetings to happen no less than six times per year, from the current once per month. This would allow credit unions to prioritize members’ needs when allocating staff and resources.
Earlier this year, Reps. Juan Vargas, D-Calif., and Anthony Gonzalez, R-Ohio, introduced similar legislation, H.R. 6889, in the House as credit union advocates shared their experiences with lawmakers during the 2022 CUNA Governmental Affairs Conference. That bill has 59 cosponsors.
About Credit Union National Association (CUNA)
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 135 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions.
For more information about CUNA, visit cuna.org.
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