Reps introduce bipartisan FCU Act update
Reps. Juan Vargas (D-Calif.) and Anthony Gonzalez (R-Ohio) Tuesday introduced the CUNA-League supported Credit Union Board Modernization Act (H.R. 6889), to update the Federal Credit Union Act by modifying the requirement that credit union boards meet once a month to not less than six times per year.
“This commonsense legislation will allow credit unions the flexibility to set their board meeting schedule, freeing up time and resources that can be dedicated to improving their members’ financial well-being and advancing their communities,” said CUNA President/CEO Jim Nussle. “We thank Reps. Vargas and Gonzalez for their bipartisan leadership on this important issue.”
CUNA and the California and Ohio Credit Union Leagues worked closely with Vargas and Gonzalez on the bill.
“A modernized Federal Credit Union Act is vital to helping credit unions govern and operate in a 21st century economy. Operational flexibility and empowerment enhance charter-strength and competitiveness so credit unions can meet leadership and members where they are,” said Emily Leite, chief advocacy officer for the Ohio Credit Union League. “By working together, the Ohio League and CUNA recruited strong bi-partisan congressional leads to achieve common-sense board modernization. Rep. Gonzalez is a supportive House Financial Services Committee voice and connects regularly with Movement leaders in his district.
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