WASHINGTON–A bipartisan bill has been introduced in the Senate that seeks to update credit union board meeting requirements.
The bill is being co-sponsored by Sens. Kyrsten Sinema (D-AZ), Bill Hagerty (R-TN), Alex Padilla (D-CA) and Thom Tillis (R-NC).
The Credit Union Board Modernization Act would modify the current Federal Credit Union Act requirements for credit union board meetings, allowing meetings to happen no less than six times per year, from the current once per month. This would allow credit unions to prioritize members’ needs when allocating staff and resources, said CUNA in its analysis.
As CUToday.info previously reported, earlier this year Reps. Juan Vargas (D-CA) and Anthony Gonzalez (R-OH) introduced similar legislation, H.R. 6889, in the House shortly after CuNA’s Governmental Affairs Conference. That bill has 59 cosponsors.
“Thank you to Sens. Sinema, Hagerty, Padilla, and Tillis for their bipartisan leadership on this important issue,” said CUNA President/CEO Jim Nussle. “This legislation will give credit unions flexibility when setting board meeting schedules, allowing additional time and resources to go toward serving members.”