Senate bill would remove outdated CU board duties
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Specifically, the Credit Union Fairness Act (S. 3326) would remove outdated duties for credit union boards and remove the requirement for credit unions to provide NCUA with the names of its loan officers from the Federal Credit Union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.
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