A total of three bills that would provide important updates to the Federal Credit Union Act were introduced during CUNA GAC this week. the result of CUNA/League advocacy to increase access to safe and affordable credit union products and services.
Sens. Tim Scott (R-S.C.) and Catherine Cortez Masto (D-Nev.) announced a CUNA-supported bill Wednesday that would raise federal credit union loan maturity limits on non-mortgage loans from 15 to 20 years. This is the fourth charter modernization bill introduced this week during CUNAGAC.
Reps. Katie Porter (D-Calif.) and Mark Amodei (R-Nev.) introduced the latest bipartisan Federal Credit Union Act modernization bill Wednesday, which would modify the FCU Act requirement that credit union boards meet once a month to not more than six times per year.