CUNA joined other organizations calling for House members to vote in support of the Credit Union Board Modernization Act Monday. The bill—introduced last week by Reps. Juan Vargas, D-Calif., and Bill Huizenga, R-Mich.—would allow federal credit union boards to meet at minimum six times per year instead of the current once per month.
“This outdated board meeting requirement can place a burden on credit union staff and their volunteer board members, especially smaller credit unions with few employees and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.”
The legislation contains exemptions to promote good governance and promote safety and soundness of the overall credit union system.