Reps. Ed Perlmutter (D-Colo.) and Tom Emmer (R-Minn.) introduced a bill Wednesday that would modernize the Federal Credit Union Act to allow a credit union board to expel a member for just cause. The Credit Union Governance Modernization Act of 2020 has a bipartisan Senate companion bill, introduced in February by Sens. Tina Smith (D-Minn.) and Ben Sasse (R-Neb.).
“We thank Reps. Perlmutter and Emmer for their bipartisan leadership on this important modernization of the Federal Credit Union Act,” said CUNA President/CEO Jim Nussle. “We look forward to working to advancing this and other measures that bring credit union governance into the 21st century to better meet consumers’ needs.”
The bills are part of CUNA’s overall efforts to modernize governance provisions in the Federal Credit Union Act to enhance and increase access to safe and affordable credit union products and services.