WASHINGTON—The House of Representatives Monday passed the Credit Union Board Modernization Act.
The bill, introduced by Representatives Juan Vargas (D-CA) and Bill Huizenga (R-MI), passed via voice vote.
“By passing the bipartisan Credit Union Board Modernization Act, the House brings credit unions one step closer in achieving this much needed flexibility,” said America’s Credit Unions Chief Advocacy Officer Carrie Hunt. “This legislation would help free up resources so credit unions can do even more to better serve their members and the community at large… We look forward to moving this issue in the Senate next to further strengthen credit unions and help the people they serve with this needed, common sense change.”
Last week, the Defense Credit Union Council (DCUC) sent a letter to Congress expressing support for the Act (H.R. 975).
DCUC’s Reaction
“This bipartisan bill…aims to amend the Federal Credit Union Act to provide greater flexibility in the frequency of board of directors' meetings,” noted Defense Credit Union Council President and CEO Anthony Hernandez. “The proposed changes are intended to reduce operational burdens while maintaining strong governance.
“We anticipated swift passage of this legislation on the suspension calendar and strongly encouraged every member of the House to vote in favor of its passage,” continued Hernandez. “Now that the House has approved the bill, DCUC will engage the Senate to promptly advance it. Enacting this legislation will not only strengthen financial readiness for military communities and enhance credit unions' ability to serve them effectively.”