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Home » Board governance modernization would provide needed flexibility
Policy & Issues

Board governance modernization would provide needed flexibility

July 14, 2022
Find ‘the next great volunteer’

The Credit Union Board Modernization Act (H.R. 6889) would free up credit union resources to better serve members, CUNA wrote to bill sponsors Reps. Juan Vargas, D-Calif., and Anthony Gonzalez, R-Ohio, this week. The bill would the Federal Credit Union Act to allow credit union boards the flexibility to meet at minimum six times a year rather than the required 12 times a year.

“This outdated board meeting requirement can place a burden on credit union staff and their volunteer board members, especially smaller credit unions with few employees and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 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.

CUNA also supports exemptions 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.

Credit Union Magazine: Spring 2023

Spring 2023

Credit Union Magazine’s Spring 2023 issue features the 2023 Credit Union Heroes and examines CUNA-League advocacy priorities, board leadership, the impact of financial well-being efforts, fee-related compliance issues, predictions for the year ahead, and more.
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Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

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