Senate bill would remove outdated CU board duties
WASHINGTON, DC (February 26, 2020) — Sen. Thom Tillis (R-N.C.) and Richard Burr (R-N.C.) introduced a credit union governance modernization bill Tuesday, the result of direct engagement between the legislators, CUNA and the Carolinas Credit Union League. This is the second similar bill released this week, as CUNA and the Leagues seek modernizations of the Federal Credit Union Act that would allow credit unions to better serve members, families and communities.
“By helping to bring credit union governance into the 21st century, Sens. Burr and Tillis are strengthening consumers’ access to Main Street financial partners that are dedicated to empowering their financial well-being,” said CUNA President/CEO Jim Nussle.
Specifically, the Credit Union Fairness Act would remove outdated duties for credit union boards and remove the requirement for credit unions to provide NCUA with the names of its loan officers from the Federal Credit Union Act.
“Credit Unions are in an important part of the U.S. banking system and provide important services to local communities across the country,” said Tillis. “Unfortunately, they still face burdensome requirements that make it harder to compete on a level playing field with other financial institutions. This legislation would remove red-tape created by bureaucrats in Washington and amend the Board of Director’s role in operating credit unions.”
Sens. Tina Smith (D-Minn.) and Ben Sasse (R-Neb.) introduced a bipartisan bill Monday that would allow a credit union board to expel a member for just cause, a bill also resulting from CUNA, Minnesota Credit Union Network and Nebraska Credit Union League engagement.
About 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. To find your nearest credit union, visit YourMoneyFurther.com.
