Reps introduce bipartisan FCU Act update
Reps. Juan Vargas (D-Calif.) and Anthony Gonzalez (R-Ohio) Tuesday introduced the CUNA-League supported Credit Union Board Modernization Act (H.R. 6889), to update the Federal Credit Union Act by modifying the requirement that credit union boards meet once a month to not less than six times per year.
“This commonsense legislation will allow credit unions the flexibility to set their board meeting schedule, freeing up time and resources that can be dedicated to improving their members' financial well-being and advancing their communities,” said CUNA President/CEO Jim Nussle. “We thank Reps. Vargas and Gonzalez for their bipartisan leadership on this important issue.”
CUNA and the California and Ohio Credit Union Leagues worked closely with Vargas and Gonzalez on the bill.
“A modernized Federal Credit Union Act is vital to helping credit unions govern and operate in a 21st century economy. Operational flexibility and empowerment enhance charter-strength and competitiveness so credit unions can meet leadership and members where they are,” said Emily Leite, chief advocacy officer for the Ohio Credit Union League. “By working together, the Ohio League and CUNA recruited strong bi-partisan congressional leads to achieve common-sense board modernization. Rep. Gonzalez is a supportive House Financial Services Committee voice and connects regularly with Movement leaders in his district.
“His support signals it is time for the federal charter to empower elected boards to flexibly lead their credit union and its membership,” she added.
“The California Credit Union League greatly appreciates the leadership and effort by Rep. Vargas and his team. We’ve always enjoyed a strong relationship with Rep. Vargas through his tenure in the state legislature and now in Congress as a member of the Financial Services Committee,” said Diana Dykstra, president/CEO of the California and Nevada Credit Union Leagues. “We applaud his efforts and were happy to connect him with this issue. This is another example of quality bipartisan leadership on issues that are important to our industry.”
CUNA and the California and Nevada Leagues would also like to acknowledge the bi-partisan effort that began this initiative led by Rep. Katie Porter (D-Calif.) and Mark Amodei (R-Nev.) on his issue and thank them for introducing this bill in the previous Congress.
Both Porter and Amodei have committed to being original co-sponsors of this bill, sending a message they are firmly behind their initiative from last Congress, and both are leaders for the credit union industry. Porter spoke about the bill at the 2020 GAC.
Additional original cosponsors on the Credit Union Board Modernization Act include Reps. Pete Aguilar (D-Calif.), Lucille Roybal-Allard (D-Calif.), Dina Titus (D-Nev.), Ed Case (D-Hawaii), Kai Kahele (D-Hawaii), Julia Brownley (D-Calif.), Pete Sessions (R-Texas), William Timmons (R-S.C.), Blake Moore (R-Utah), Alex Mooney (R-W. Va.), Ted Budd (R-N.C.), Mary Miller (R-Ill.), Brian Fitzpatrick (R-Penn.), Warren Davidson (R-Ohio), and Mike Johnson (R-La.).