The House passed the omnibus spending package Wednesday containing CUNA/League-supported member governance updates and other items of interest for credit unions. Funding for the federal government is scheduled to expire March 11.
The bill funds the federal government and the National Flood Insurance Program through Sept. 30.
The legislation contains the text of the Credit Union Governance Modernization Act, which would allow credit unions to better promote branch safety. Reps. Tom Emmer, R-Minn., and Ed Perlmutter, D-Colo., sponsored the bill.
“We can all agree that Americans should have access to safe and reliable financial services. Federal credit unions must have a streamlined process for removing dangerous members from the credit union. Up until now, we have failed in providing this because the current law is outdated and ineffective," Emmer said. "My bill, the Credit Union Governance Modernization Act, will keep credit union members and employees safe by creating a framework for federal credit unions to swiftly remove a member for cause. We must prioritize a financial system that keeps Americans safe. I am proud to see this bill pass the House.”
The House also passed a short-term Continuing Resolution to fund the government through March 15, giving the Senate time to vote on the omnibus package.
In addition to the Credit Union Governance Modernization Act, the omnibus contains: