WASHINGTON--Federal credit unions would have additional board meeting flexibility under bipartisan legislation introduced by Reps. Bill Huizenga (R-MI) and Juan Vargas (D-CA). The Credit Union Board Modernization Act (H.R. 975) would allow credit union boards to meet six times per year, instead of once per month as currently required, America's Credit Unions reported.
“America’s Credit Unions supports any legislation that modernizes credit unions’ operations. We thank Reps. Huizenga and Vargas for their reintroduction of the bipartisan Credit Union Board Modernization Act that will provide increased flexibility and free up more resources to better serve their members and community at large,” said America’s Credit Unions Chief Advocacy Officer Carrie Hunt. “We look forward to working together to get this legislation passed in both chambers and make progress toward strengthening the credit union industry.”
The bill passed the House in the last Congress, and America’s Credit Unions wrote to House leaders in support of the bill.
"The reintroduction of the Credit Union Board Modernization Act is significant for credit unions and their members,” said Michigan Credit Union League (MCUL) President/CEO Patty Corkery. “By reducing unnecessary regulatory burdens, this common-sense legislation will empower credit unions to dedicate more time and resources to serving their communities. MCUL is grateful to Rep. Bill Huizenga for his leadership and to our Michigan credit union advocates, who continue to work toward making the passing of this act a reality. We're pleased to see this progress, which is a testament to the collaborative relationship credit unions have built with many of our lawmakers.”
As CUToday.info reported, the Defense Credit Union Council has sent a letter to Vargas and Huizenga in support of the legislation.