House Passes Credit Union Board Governance Modernization Act; Virginians Luria, Griffith Among Original Co-Sponsors
The House passed the CUNA-League-led Credit Union Board Governance Modernization Act (H.R. 6889) Thursday. The bill was introduced by Reps. Juan Vargas, D-Calif., and Anthony Gonzalez, R-Ohio, and spearheaded by CUNA, the California Credit Union League, and the Ohio Credit Union League.
It would modify the Federal Credit Union Act requirement that credit union boards meet no less than six times per year (from the current once per month).
"We appreciate the support of Congresswoman Elaine Luria and Congressman Morgan Griffith in winning passage in the House of this important legislation. Both Virginia lawmakers signed on as co-sponsors of this legislation," noted Virginia Credit Union League President/CEO Carrie Hunt. "The bill modernizes an outdated board meeting requirement and promises to reduce the regulatory burden for eligible credit unions."
“This bill would provide a needed update to credit union board meeting requirements, freeing up time and resources that can be dedicated to meeting members’ needs,” said CUNA President/CEO Jim Nussle. “We thank Reps. Vargas and Gonzalez for their leadership on this issue, as well as the House members who voted to support it.”
“The credit unions in California applaud Rep. Vargas’ leadership and recognize his efforts,” said Diana Dykstra, president/CEO of the California Credit Union League. “A lot of time and effort has gone into this very simple charter enhancement, and that is not something credit unions take lightly.”
“Credit union boards need to adopt reasonable governance practices that best meet membership obligations. Empowering federally chartered credit unions with modern and flexible operational management authorities will enable credit unions to focus more on serving members,” said Jared Weiser, director of legislative affairs for the Ohio Credit Union League. “Ohio credit unions appreciate Congressman Anthony Gonzalez’s leadership that led to the bipartisan passage of this important Federal Credit Union Act modernization component.”
The bill has a bipartisan Senate companion, introduced in May by Sens. Kyrsten Sinema, D-Ariz., Bill Hagerty, R-Tenn., Alex Padilla, D-Calif., and Thom Tillis, R-N.C.
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