WASHINGTON–The House Financial Services Committee is scheduled to mark up the Credit Union Governance Modernization Act (CUGMA) this week.
The legislation, which has the backing of credit unions, would advance existing language under the Federal Credit Union (FCU) Act related to expulsion in order to keep credit unions, their members, and staff safe from illicit behavior.
“NAFCU commends the House Financial Services Committee for taking the next steps on the Credit Union Governance Modernization Act, an important piece of legislation that will keep credit unions and their members protected from abusive and disruptive behavior,” said NAFCU Vice President of Legislative Affairs Brad Thaler. “We have long advocated on behalf of this bill and worked diligently with Representatives Tom Emmer, Ed Perlmutter, and others to garner support in Congress. Safeguarding credit unions and their staff from illegal or malicious activity is essential and allows credit unions to better serve their members and local communities. NAFCU remains supportive of the critical reforms included in this bill, and we will continue to work with Congress to get this through to the finish line.” The bill was introduced in April by House Financial Services Committee members Emmer (R-MN) and Perlmutter (D-CO).
Thaler told CUToday.info he expects the legislation to have broad bipartisan support.