U.S. Senate Chamber. Credit: Architect of the Capitol.
U.S. Senators Bill Hagerty (R-Tenn.) and Lisa Blunt Rochester (D-Del.) have reintroduced the Credit Union Board Modernization Act, a bipartisan bill aimed at reducing unnecessary regulatory burdens on credit unions.
The legislation updates an outdated federal law that requires credit union boards to meet every month. By allowing more flexibility in board meeting schedules, the bill aims to help credit unions focus more on serving their members rather than fulfilling regulatory mandates.
“Credit unions should be allowed to spend less time in unnecessary board meetings and more time serving their members,” Sen. Hagerty said. “My legislation will revise outdated federal regulations by setting aside regulatory micromanagement and allowing credit unions the flexibility to focus on providing quality financial services to rural communities and members across the country.”
Sen. Blunt Rochester emphasized the importance of modernizing regulations to better support credit unions and their communities. “It is far past time that the arcane requirements for credit unions are removed,” she said. “This bill is an essential step toward improving the functionality of credit unions up and down my home state of Delaware, especially those small and rural.”
Credit union advocates have voiced strong support for the bill. “Credit unions face several regulatory burdens, and this bill would provide flexibility so that credit unions can commit more resources and time to what matters most: serving their members and communities,” Carrie Hunt, America’s Credit Unions' chief advocacy officer, said.
Sarah Waters, chief advocacy officer for the Tennessee Credit Union League, also praised the effort, noting that “by modernizing outdated board meeting requirements, this legislation will allow these volunteers and their credit unions to dedicate more time and resources to serving their communities.”
The House has already passed the bill, and advocates are urging the Senate to take swift action.
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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.
