Bipartisan Board Modernization Bill Passes House
The House advanced bipartisan credit union legislation by voice vote Monday afternoon, supporting the Credit Union Board Modernization Act (H.R. 975). Introduced by Reps. Juan Vargas, D-Calif., and Bill Huizenga, R-Mich., it would allow credit union boards of well-run credit unions to meet as few as six times per year, instead of once per month as currently required.
"The House’s passage of the Credit Union Board Modernization Act is a big step towards our goal of finalizing this legislation. If enacted, credit unions will be able to focus more of their efforts on providing much-needed financial products and services to the members that count on them,” said Michigan Credit Union League President/CEO Patty Corkery. "As this issue moves to the Senate, we strongly support its bipartisan, common-sense approach and appreciate Rep. Bill Huizenga swiftly guiding this critical legislation forward."
The bill passed the House in the last Congress, but a companion bill did not move out of the Senate.
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