Rep. Huizenga Helps Introduce Bipartisan Credit Union Board Modernization Act
Today, Rep. Bill Huizenga, along with Rep. Juan Vargas, D-Calif., introduced the Credit Union Board Modernization Act . The bill would update the Federal Credit Union Act by modifying the requirement that credit union boards meet once a month to not less than six times per year.
“The Credit Union Board Modernization Act is a welcome change to our board operations. The current board requirements place an undue burden on credit unions, especially smaller organizations with fewer employees and resources. If passed into law, federal credit unions could spend more time serving the needs of their members and community,” said Michigan Credit Union League CEO Patty Corkery. “We are extremely pleased to have Rep. Bill Huizenga (R-MI-4) serve as a lead sponsor of the legislation. As a longtime credit union supporter, he understands the importance of removing unnecessary and burdensome requirements on credit unions. I applaud our MCUL and CUNA advocacy teams for their hard work as well as our Michigan credit union advocates who recognize the importance of meeting and working with our representatives to make change."
The bill was introduced in conjunction with the 2022 CUNA Governmental Affairs Conference last Congress, and passed the House with more than 100 co-sponsors.
“We appreciate the bipartisan leadership by Reps. Vargas and Huizenga in introducing this much needed, commonsense update to the Federal Credit Union Act,” said CUNA President/CEO Jim Nussle. “This bill would give boards greater flexibility to adjust their meetings, while maintaining our focus on safety and soundness, allowing credit unions to dedicate more time and resources to serving their members and communities.”
