Bipartisan board modernization bill gains momentum in Senate

A credit union-focused bill is gaining momentum in the Senate. The Credit Union Board Modernization Act, S. 522, would allow the boards of well-run credit unions to meet as few as six times per year, instead of once per month as currently required, and has 25 additional sponsors since it was introduced in February by Senate Banking Committee members Bill Hagerty, R-Tenn., and Lisa Blunt Rochester, D-Del.

America’s Credit Unions President/CEO Jim Nussle has encouraged Senate Banking Committee leaders to support the bill, noting the current “outdated board meeting requirement can place a burden on credit union staff and their volunteer board members.”

America’s Credit Unions’ Advocacy Team and league partners are continuing efforts to gain additional support in the Senate to move the bill forward. The House advanced its version of the legislation, H.R. 975, by a bipartisan voice vote in February.