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Modernization Act Reintroduced as House Hearing Gives Little Attention to Credit Unions

Credit Union Board Modernization Act is expected to pass the House possibly as early as next week.

By Michael Ogden | February 05, 2025 at 03:53 PM
Testifying at the House Financial Services Committee (from left to right): Patrick J. Kennedy, Jr., Founding Partner, Kennedy Sutherland LLP; Susannah Marshall, Bank Commissioner, Arkansas State Bank Department; Cathy Owen, Executive Chairman, Eagle Bank & Trust Company; Rebecca Romero Rainey, President and CEO, Independent Community Bankers of America; Mitria Spotser, Vice President, Federal Policy, Center for Responsible Lending.

For more than three hours Wednesday, House Financial Services Committee members listened to testimony from five community banking and lending experts for its “Make Community Banking Great Again” hearing. It was the first such hearing held by the Committee during this term of the Trump Administration.

Of those testifying, four represented community banks, one represented the Center for Responsible Lending. Missing from the group was credit union representation.

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