WASHINGTON—Sen. Thom Tillis (R-NC) and Richard Burr (R-NC) have introduced a credit union governance modernization bill, one of four such bills to be introduced this week.
As CUToday.info reported, earlier this week Sen. Tina Smith (D-MN) and Ben Sasse (R-NE) have introduced the Credit Union Governance Modernization Act of 2020, legislation designed to help protect credit unions, members, and employees.
The new Credit Union Fairness Act would remove duties CUNA has called “outdated” or credit union boards and further remove from the Federal Credit Union Act the requirement for credit unions to provide NCUA with the names of its loan officers.
CUNA said it supports both of the bills submitted this week, when representatives of credit unions are hiking the hill as part of the trade group’s GAC.
“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.
In a statement, Tillis added, “Credit unions are in an important part of the U.S. banking system and provide important services to local communities across the country. 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.”