Credit union groups applaud passage of legislation, which will now be considered in the Senate.
The House on Monday passed legislation that would allow the boards of well-managed credit unions to meet six times a year rather than monthly.
The bill, H.R. 582, passed by voice vote.
The legislation, sponsored by Rep. Juan Vargas, D-Calif., and Bill Huizenga, R-Mich., would still require credit unions viewed as having problems to hold board meetings monthly.
Under current law, all credit unions must meet monthly.
Reaction From CU Trade Groups
Credit union trade groups applauded the quick passage of the bill, which now goes to the Senate for consideration.
“Reducing the number of required annual meetings and recognizing the need for modernization in the Federal Credit Union Act will allow credit unions to utilize resources better and focus their efforts on serving their 134 million members and the underserved communities in need of safe, affordable financial products and services,” said NAFCU President/CEO B. Dan Berger.
“CUNA, Leagues, and credit unions also thank Reps. Vargas and Huizenga for moving quickly to introduce this bill in the new Congress, and we look forward to further engagement with the Senate to get this bill across the finish line,” said CUNA President/CEO Jim Nussle.