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Bipartisan lawmakers introduce bill to reform CU board meeting requirements
Sens. Kyrsten Sinema, D-Ariz., Bill Hagerty, R-Tenn., Alex Padilla, D-Calif., and Thom Tillis, R-N.C., Thursday introduced a NAFCU-backed bill to update credit union board requirements; the legislation is a companion bill to legislation introduced in the House in March.
The Credit Union Board Modernization Act would modify existing language in the Federal Credit Union Act related to the requirement that credit union boards meet once a month to instead no less than six times per year.
NAFCU has been working to build support and advance the legislation, which would grant flexibility for credit union board meetings, allowing additional resources for credit union members. Credit unions are encouraged to weigh in with lawmakers in support of the legislation via NAFCU’s Grassroots Action Center.