DCUC, CUNA and NAFCU send joint letter in support of H.R. 582, Credit Union Board Modernization Act
WASHINGTON, DC (January 31, 2023) — The Defense Credit Union Council (DCUC), the Credit Union National Association (CUNA), and The National Association of Federally Insured Credit Unions (NAFCU) sent a joint trades letter to the Honorable Kevin McCarthy and the Honorable Hakeem Jeffries voicing support of H.R. 582, the Credit Union Board Modernization Act.
Introduced by Representative Juan Vargas (CA-52) and Representative Bill Huizenga (MI-10), the proposed legislation strives to modernize credit union operations by amending the Federal Credit Union Act, allowing credit union boards the flexibility to meet at a minimum of six times a year rather than the required twelve.
DCUC, CUNA, and NAFCU further emphasized how the outdated board meeting requirements impose a burden on credit union staff and their volunteer board members, significantly affecting credit unions operating on a smaller scale and within rural areas.
These trade associations concluded the joint letter stating their support for the exemptions offered in the legislation for credit unions with a low CAMELS composite rating, low management component rating, and de novo credit unions as they stabilize their operations.
For more information on how DCUC advocates for credit unions dedicated to serving our Nation’s military and veterans, visit DCUC.org/Advocacy.
About Defense Credit Union Council (DCUC)
The Defense Credit Union Council is the premier resource for credit unions on all military and veteran matters. By maintaining a close and constant liaison with the Pentagon, Capitol Hill, and NCUA, the Council champions the interests of credit unions serving our military and veteran communities by coordinating policy, procedures, and legislation impacting morale and welfare, financial readiness, and the delivery of quality financial products and services. Organized in 1963, the Council’s membership is comprised of 180 credit unions with over 35 million members. If you would like more information about this topic, please contact DCUC at alert@dcuc.org.
