WASHINGTON—CUNA wrote House leadership sharing its support for the Credit Union Board Modernization Act (H.R. 6889), which is scheduled for floor consideration this week.
The bill, introduced by Reps. Juan Vargas (D-CA) and Anthony Gonzalez (R-OH) would allow credit union boards the flexibility to meet at minimum six times a year rather than the required 12 times a year.
In a letter of its own, NAFCU has also expressed support for the legislation.
“This outdated board meeting requirement can place a burden on credit union staff and their volunteer board members, especially smaller credit unions with few employees and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,” the CUNA letter reads. “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.
“To incentivize good governance at credit unions and promote safety and soundness of the overall system, we also support exemptions made in the legislation for credit unions with a low CAMELS composite rating, credit unions with a low Management component rating and de novo credit unions as they stabilize operations,” it adds.
Sens. Kyrsten Sinema (D-AZ), Bill Hagerty (R-TN), Alex Padilla (D-CA) and Thom Tillis (R-NC) introduced a Senate version of the legislation in May.
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