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Bipartisan Huizenga, Vargas Credit Union Reform Legislation Passes U.S. House

Last night, Congressman Bill Huizenga, Chairman of the Oversight and Investigations Subcommittee on the House Financial Services Committee, released the following statement after the House unanimously passed H.R. 582, the Credit Union Board Modernization Act. Introduced by Juan Vargas (D-CA), Congressman Huizenga was the lead Republican on this bipartisan bill. 

The Credit Union Board Modernization Act would ease regulatory burdens by allowing federal credit union boards in good standing to meet every other month. This commonsense reform will allow smaller credit unions, especially in rural areas, to focus their resources on serving consumers, small businesses, and supporting economic activity at the local level.

Prior to passage of the Credit Union Board Modernization Act, Congressman Huizenga spoke on the House floor in support of H.R. 582. 

“The Credit Union Board Modernization Act will go a long way to providing reasonable regulatory relief for credit unions, especially in Michigan’s 4th Congressional District and across the nation,” said Congressman Huizenga. “These commonsense reforms will allow federally chartered credit unions in good standing the same, reasonable governance practices afforded to those at the state level. I want to thank Congressman Vargas for his commitment to make this a bipartisan effort. I look forward to seeing these reforms, which will strengthen local economies across the nation, enacted into law.

“I’m proud that the House passed the Credit Union Board Modernization Act, which I introduced, along with Rep. Bill Huizenga, to change the outdated requirement and allow credit unions and their board members more flexibility,” said Congressman Vargas. “This bipartisan legislation would give credit unions the ability to better dedicate their time and more effectively serve their members and communities.”

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