WASHINGTON—America’s Credit Unions encouraged Senate Banking Committee leaders to support the Credit Union Board Modernization Act (S. 522), a bipartisan bill introduced recently in the Senate.
Sens. Bill Hagerty (R-TN) and Lisa Blunt Rochester (D-DE), both members of the committee, introduced the legislation to allow credit union boards the flexibility to meet at minimum six times a year (the current requirement is 12 times a year).
“This outdated board meeting requirement can place a burden on credit union staff and their volunteer board members, especially smaller credit unions with few employees and those in rural areas,” ACU President/CEO Jim Nussle wrote. “The amount of resources it takes for a credit union to run a monthly board meeting can shift employee time away from the services that a credit union provides to its community.”
The House passed its version of the bill last week via voice vote.