The U.S. Capitol
The Credit Union Board Modernization Act once again passed the House of Representatives on Monday by voice vote. The bill, drafted by Reps. Juan Vargas (D-Calif.) and Bill Huizenga (R-Mich.), would give credit union boards greater flexibility to meet as few as six times each year, instead of following the monthly meeting requirement as stated in the Federal Credit Union Act.
The path for the now three-times-passed bill heads to the Senate, where lawmakers have yet to put the legislation up for a vote in recent years.
Rep. Vargas said, “I’m glad to see this legislation pass the House of Representatives today. This is a critical step towards making sure credit unions have more time and resources to dedicate to serving our communities. Thanks to my colleague, Congressman Huizenga, for leading this effort with me.”
Vice Chairman of the House Financial Services Committee and co-sponsor of the bill, Rep. Huizenga, added, “Credit unions play a critical role in helping local small businesses access credit while expanding economic opportunity for families across all walks of life. The Credit Union Board Modernization Act will go a long way in providing necessary regulatory relief for credit unions in Southwest Michigan and around the country. These commonsense reforms will allow federally chartered credit unions in good standing to be afforded the same, reasonable governance practices that already exist at the state level. I’m happy to lead this bipartisan effort with Congressman Vargas and look forward to seeing these reforms enacted into law.”
Despite the history of the bill in the Senate, America’s Credit Unions Chief Advocacy Officer Carrie Hunt praised the passage in the House.
“By passing the bipartisan Credit Union Board Modernization Act, the House brings credit unions one step closer in achieving this much needed flexibility. This legislation would help free up resources so credit unions can do even more to better serve their members and the community at large. Thank you to Representatives Juan Vargas (D-Calif.) and Bill Huizenga (R-Mich.) for introducing the bill and helping usher it through the House. We look forward to moving this issue in the Senate next to further strengthen credit unions and help the people they serve with this needed, common sense change.”
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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.
