The U.S. House of Representatives on Feb. 10 voted to pass bipartisan legislation that would update the requirements for federal credit union board meetings.
H.R. 975, the Credit Union Board Modernization Act, would allow federal credit union boards in good standing to meet every other month. Currently, the boards meet monthly.
“Under H.R. 975, certain well-functioning credit unions are provided with the option to meet at least six times annually, with at least one meeting held during each fiscal quarter,” U.S. Rep. French Hill (R-AR), House Financial Services Committee chairman, said. “This crucial change frees up the time and resources used for meetings to be put toward the critical mission of providing financial services to the credit union’s members.”
U.S. Reps. Juan Vargas (D-CA) and Bill Huizenga (R-MI) introduced the bill. Both are House Financial Services Committee members.
“This is a critical step towards making sure credit unions have more time and resources to dedicate to serving our communities,” Vargas said.
“Credit unions play a critical role in helping local small businesses access credit while expanding economic opportunity for families across all walks of life,” Huizenga added. “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.”