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CU-Supported Member Governance Bill Passes Committee

Authored By: Lewis Wood on 11/17/2021

CUNA wrote in support of two bills prior to the House Financial Services Committee markup Tuesday. The CUNA-supported Credit Union Governance Modernization Act (H.R. 2311) passed the committee unanimously by voice vote.

H.R. 2311 would modernize the member expulsion process.

“Although extremely rare, some credit union members prove to be a threat and engage in dangerous or illegal conduct. This can include physical damage to property, harassment, or fraud. In these cases, the time and resources required for a full vote of credit union membership, required under current law, are simply not practical nor effective,” the letter reads. “H.R. 2311 would amend the Federal Credit Union Act to afford a more efficient process by requiring a 2/3 vote of the board of directors of a credit union while at the same time providing a robust appeals process for the credit union member.”

The bill was introduced by Reps. Tom Emmer (R-Minn.) and Ed Perlmutter (D-Colo.). During discussion of the bill, Emmer entered testimony from several credit unions around the country supporting the legislation.

H.R. 5911 would expand employment opportunities at banks and credit unions by reducing barriers to employment based on past minor criminal offenses.

“Credit unions are always in search of potential employees who are committed to the credit union mission of serving communities by improving financial well-being for all,” the letter reads. “CUNA supports efforts to reduce barriers to recruiting employees and retaining talent.”

The bill was introduced by Rep. Joyce Beatty (D-Ohio).

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