Porter introduces bill that would modernize the Federal Credit Union Act at Governmental Affairs Conference
FOR IMMEDIATE RELEASE
February 26, 2020
Today at the Credit Union National Association Governmental Affairs Conference (CUNA GAC) Rep. Katie Porter (D-Calif.) introduced the Board Governance Modernization Act which would modify the Federal Credit Union Act requirement that credit union boards meet once a month to not less than six times per year.
“Credit unions play an essential role in our banking ecosystem. We need to help credit unions continue to thrive and provide necessary services to our communities, which means that we need to tailor regulatory requirements to their unique size and needs. I’m proud to introduce legislation to do just that,” said lead bill sponsor Rep. Katie Porter, who produced the legislation in partnership with Rep. Mark Amodei (R-Nev.).
CUNA and the California/Nevada Credit Union League worked closely with Porter and Amodei on the bill. Modernizing the Federal Credit Union Act is a focal point of the CUNA/League 2020 advocacy agenda.
“CUNA and the Leagues have prioritized these types of bills this year because Main Street communities stand to benefit greatly from important credit union governance modernization,” said CUNA President/CEO Jim Nussle. “We thank Reps. Porter and Amodei for working across the aisle on this important subject, and CUNA and the Leagues will continue working directly with legislators to move this bill and others like it through the legislative process.”
This bill is the third piece of credit union modernization legislation introduced in Congress during the CUNA GAC and is the product of CUNA/League advocacy and a recognition by lawmakers that updating the policies governing credit union governance enhances credit unions' ability to advance their communities.
“Advancing modernizations to the federal Credit Union act in all shapes and forms is vitally important to movement,” said Jeremy Empol, vice president of federal government affairs at the California/Nevada Credit Union Leagues. “We greatly appreciate Representatives Porter and Amodei for their collaboration and effort to further advance our efforts.”
Earlier this week, Sen. Thom Tillis (R-N.C.) and Richard Burr (R-N.C.) introduced the Credit Union Fairness Act (S.3326) would remove outdated duties for credit union boards and remove the requirement for credit unions to provide NCUA with the names of its loan officers from the Federal Credit Union Act, and Sens. Tina Smith (D-Minn.) and Ben Sasse (R-Neb.) introduced the Credit Union Governance Modernization Act (S.3323), a bipartisan bill that would allow a credit union board to expel a member for just cause, a bill also resulting from CUNA, Minnesota Credit Union Network and Nebraska Credit Union League engagement.
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 115 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.