Reps. Tom Emmer (R-Minn.) and Ed Perlmutter (D-Colo.) introduced a bill Thursday 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. The bill updates the credit union member expulsion process while ensuring a fair procedure for reinstatement.
“This piece of bipartisan legislation represents an important modernization of the Federal Credit Union Act, and we thank Reps. Perlmutter and Emmer for their attention to this issue,” said CUNA President/CEO Jim Nussle. “CUNA, Leagues and credit unions look forward to advancing this, and other, much needed Federal Credit Union Act modernizations to ensure credit unions can meet the needs of 21st century consumers.”
Emmer announced he would introduce the bill during recorded remarks at this year’s CUNA Governmental Affairs Conference.
The bill is 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.