House Committee Passes Credit Union Board Modernization Act

The House Financial Services Committee advanced the CUNA and League-led Credit Union Board Modernization Act (H.R. 6889) Wednesday. Reps. Juan Vargas, D-Calif., and Anthony Gonzalez, R-Ohio, introduced the bill during the 2022 CUNA Governmental Affairs Conference in March.   

“Thank you to the House Financial Services Committee for passing this common-sense bipartisan bill that will give credit union boards needed flexibility,” said CUNA President/CEO Jim Nussle. “This bill addresses an outdated Federal Credit Union Act requirement and will free up credit union staff and board members to focus more on member service.” 

The bill would allow boards of federally charted credit unions the flexibility to meet at minimum six times a year rather than the required 12 times a year.  

Sens. Kyrsten Sinema, D-Ariz., Bill Hagerty, R-Tenn., Alex Padilla, D-Calif., and Thom Tillis, R-N.C., introduced the Senate version in May.  

CUNA and Leagues have engaged with policymakers throughout the 117th Congress on this and other Federal Credit Union Act updates. The Credit Union Governance Modernization Act was signed into law in March by President Joe Biden as part of an omnibus government funding package.