House passes Credit Union Board Modernization Act
WASHINGTON, DC (September 30, 2022) — The CUNA-League-led Credit Union Board Modernization Act (H.R. 6889) passed in the House Thursday with 109 co-sponsors. The bill was introduced by Reps. Juan Vargas, D-Calif., and Anthony Gonzalez, R-Ohio, and spearheaded by CUNA, the California Credit Union League, and the Ohio Credit Union League.
“This bill would provide a needed update to credit union board meeting requirements, freeing up time and resources that can be dedicated to meeting members’ needs,” said CUNA President/CEO Jim Nussle. “We thank Reps. Vargas and Gonzalez for their leadership on this issue, as well as the House members who voted to support it.”
“The credit unions in California applaud Rep. Vargas’ leadership and recognize his efforts,” said Diana Dykstra, president/CEO of the California Credit Union League. “A lot of time and effort has gone into this very simple charter enhancement, and that is not something credit unions take lightly.”
“Credit union boards need to adopt reasonable governance practices that best meet membership obligations. Empowering federally chartered credit unions with modern and flexible operational management authorities will enable credit unions to focus more on serving members,” said Jared Weiser, director of legislative affairs for the Ohio Credit Union League. “Ohio credit unions appreciate Congressman Anthony Gonzalez’s leadership that led to the bipartisan passage of this important Federal Credit Union Act modernization component.”
The bill would allow boards of federally charted credit unions the flexibility to meet at minimum six times a year rather than the currently required 12.
Sens. Kyrsten Sinema, D-Ariz., Bill Hagerty, R-Tenn., Alex Padilla, D-Calif., and Thom Tillis, R-N.C., introduced a Senate version in May.
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 more than 130 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. To find your nearest credit union, visit YourMoneyFurther.com.