Today, U.S. Representatives Bill Huizenga (R-MI) and Juan Vargas (D-CA), members of the House Financial Services Committee, announced the reintroduction of the Credit Union Board Modernization Act, legislation to update the current requirements for federal credit union board meetings. This bill will allow federal credit union boards in good standing to meet every other month instead of monthly, allowing them to focus their resources on serving consumers, small businesses, and supporting economic activity at the local level.
“Credit unions play a critical role in helping local small businesses access credit while expanding economic opportunity for families across all walks of life,” said Rep. Bill Huizenga, Vice Chairman of the House Financial Services Committee. “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.”
“It’s time to change this outdated requirement to allow credit unions more flexibility,” said Rep. Juan Vargas. “This legislation will help credit unions dedicate more time and resources to their true mission – providing quality financial services to our communities. Thanks to my colleague, Congressman Huizenga, for leading this effort with me.”
"The reintroduction of the Credit Union Board Modernization Act is significant for credit unions and their members,” said Michigan Credit Union League (MCUL) President/CEO Patty Corkery. “By reducing unnecessary regulatory burdens, this common-sense legislation will empower credit unions to dedicate more time and resources to serving their communities. MCUL is grateful to Rep. Bill Huizenga for his leadership and to our Michigan credit union advocates, who continue to work toward making the passing of this act a reality. We're pleased to see this progress, which is a testament to the collaborative relationship credit unions have built with many of our lawmakers.”
“America’s Credit Unions supports any legislation that modernizes credit unions’ operations. We thank Representatives Bill Huizenga and Juan Vargas for their reintroduction of the bipartisan Credit Unions Board Modernization Act that will provide increased flexibility and free up more resources to better serve their members and community at large. We look forward to working together to get this legislation passed in both chambers and make progress toward strengthening the credit union industry,” said Carrie Hunt, America’s Credit Unions Chief Advocacy Officer.
“We applaud Congressman Vargas for reintroducing the Credit Union Board Modernization Act, giving federally chartered credit unions greater flexibility,” said Scott Simpson, President and CEO of the California and Nevada Credit Union Leagues. “This bipartisan effort helps credit unions better serve their members, especially in rural and underserved areas. We encourage more House members to support this legislation.”
