Press Releases

Yesterday, the U.S. House of Representatives unanimously passed H.R. 975, the Credit Union Board Modernization Act. This bill, introduced by Congressman Bill Huizenga (R-MI) and Congressman Juan Vargas (D-CA), will bring federal regulations in line with state regulations for credit unions in good standing by allowing the credit union boards to meet every other month instead of monthly. Delivering this regulatory parity will improve the ability of credit unions to focus their resources on supporting economic activity and better serve both individuals and small businesses across Southwest Michigan.

“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“It’s time to change this outdated requirement to allow credit unions more flexibility,” said Rep.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, a member of the House Financial Services Committee. “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.”