U.S. Capitol. (Source: Shutterstock)
Four Senators introduced a credit union industry-supported bill Wednesday that would alter the number of times credit union boards are required to meet each year.
Sens. Kyrsten Sinema (I-Ariz.), Bill Hagerty (R-Tenn.), Alex Padilla (D-Calif.) and Thom Tillis (R-N.C.) submitted their bipartisan version of the Credit Union Board Modernization Act – a similar bill passed the House on Jan. 30 by a voice vote.
According to the legislation, the bill would update the Federal Credit Union Act to allow credit union boards to meet six times each year, instead of once per month as currently required.
NAFCU and CUNA have been in support of these changes as they've been introduced over the past two years, but have yet to be passed by the Senate.
CUNA President/CEO Jim Nussle said in a statement, "We thank the Senators for their bipartisan work to give federal credit unions flexibility to free up board time and resources to better serve members. This common-sense bill has broad bipartisan support, as shown by the House's quick action to advance the bill, and we encourage the Senate to move the bill forward quickly."
NAFCU President/CEO Dan Berger also released a statement praising the bill's introduction.
"We commend the introduction of the Credit Union Board Modernization Act in the Senate. We thank Senators Sinema, Hagerty, Padilla and Tillis for their pro-credit union efforts to recognize the outdated, burdensome requirements placed on smaller, community-based financial institutions from outdated laws," Berger said. "This critical legislation will allow credit unions more flexibility and time to devote attention to serving their 135 million members while helping disadvantaged, underbanked communities who need access to affordable financial products and services. We urge the Senate to quickly pass this legislation."
As the new legislative calendar began earlier this year, Reps. Juan Vargas (D-Calif.) and Bill Huizenga (R-Mich.) reintroduced the bill in the House. Days later, after showing broad bipartisan support for the bill, it passed by a voice vote under suspension of the rules.
Troy Stang, president/CEO of GoWest Credit Union Association, appeared hopeful with the trajectory of the bill and the support it seems to have.
"If this legislation passes, it will ultimately help credit unions put additional focus on serving the 133 million consumers who've chosen credit unions as their trusted financial partners," Stang said. "Modernizing the governance of credit unions' charter in a manner that is consistent with the rapidly changing environment for financial services is critical for our future strength and success. It was an honor to work closely with Sen. Sinema last year when she introduced similar legislation, and we are pleased that she has again stepped forward for consumers and their chosen financial institutions."
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
