House Committee Passes Credit Union Board Modernization Act
FOR IMMEDIATE RELEASE
July 27, 2022
The House Financial Services Committee advanced the CUNA and League-led Credit Union Board Modernization Act (H.R. 6889) Wednesday. Reps. Juan Vargas, D-Calif., and Anthony Gonzalez, R-Ohio, introduced the bill during the 2022 CUNA Governmental Affairs Conference in March.
“Thank you to the House Financial Services Committee for passing this common-sense bipartisan bill that will give credit union boards needed flexibility,” said CUNA President/CEO Jim Nussle. “This bill addresses an outdated Federal Credit Union Act requirement and will free up credit union staff and board members to focus more on member service.”
The bill would allow boards of federally charted credit unions the flexibility to meet at minimum six times a year rather than the required 12 times a year.
Sens. Kyrsten Sinema, D-Ariz., Bill Hagerty, R-Tenn., Alex Padilla, D-Calif., and Thom Tillis, R-N.C., introduced the Senate version in May.
CUNA and Leagues have engaged with policymakers throughout the 117th Congress on this and other Federal Credit Union Act updates. The Credit Union Governance Modernization Act was signed into law in March by President Joe Biden as part of an omnibus government funding package.
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 130 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.