The CUNA/League-supported Credit Union Governance Modernization Act is included in the omnibus package of bills unveiled by House leadership Wednesday morning. The bill, from Reps. Tom Emmer, R-Minn., and Ed Perlmutter, D-Colo., would modernize the member expulsion process.
The House passed the omnibus late Wednesday night.
“We thank House leaders for including this bipartisan update to the Federal Credit Union Act in the omnibus package, and to Reps. Emmer and Perlmutter, as well as Sens. Tina Smith and Ben Sasse, for their work on this bipartisan issue,” said Jim Nussle, CUNA president/CEO. “This and other Federal Credit Union Act modernizations are essential to ensuring credit unions can continue to meet the needs of 21st century consumers.”
The House is expected to vote on the omnibus bill Wednesday.
The Credit Union Member Governance Modernization Act passed the House Financial Services Committee in November, and a bipartisan Senate version was introduced last May by Sens. Tina Smith, D-Minn., and Ben Sasse, R-Neb.