WASHINGTON—NAFCU has written to leaders of the House of Representatives to reiterate its support for the Credit Union Board Modernization Act, which would modify existing language in the Federal Credit Union Act related to the requirement that credit union boards meet once a month.
The House is expected to vote on the bill, introduced in March by Reps. Juan Vargas D-CA) and Anthony Gonzalez (R-OH), this week.
Of note, the bill includes an exemption for de novo credit unions in their first five years, as well as any credit union with a CAMELS rating system score below four, until they are able to stabilize operations, at which point they can meet bimonthly.
In the letter, NAFCU Senior Vice President of Government Affairs Greg Mesack stated the modernization included in the bill would give credit unions more flexibility and free up resources that could otherwise be used for serving members.
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“This is particularly true for small credit unions in rural and underserved areas,” he added.
In addition, Mesack said other benefits of modernizing outdated requirements that do not consider the connectivity and technology available today, including that “…credit union boards are able to communicate in an ongoing manner that has negated the necessity of monthly meetings.”
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