Federal credit unions would have additional board meeting flexibility under bipartisan legislation introduced by Reps. Juan Vargas, D-Calif., and Bill Huizenga, R-Mich. The Credit Union Board Modernization Act (H.R. 975) would allow credit union boards to meet six times per year, instead of once per month as currently required.

“America’s Credit Unions supports any legislation that modernizes credit unions’ operations. We thank Reps. Vargas and Huizenga for their reintroduction of the bipartisan Credit Union Board Modernization Act that will provide increased flexibility and free up more resources to better serve their members and community at large,” said America’s Credit Unions Chief Advocacy Officer Carrie Hunt. “We look forward to working together to get this legislation passed in both chambers and make progress toward strengthening the credit union industry.”

The bill passed the House in the last Congress, and America’s Credit Unions wrote to House leaders Wednesday in support of the bill.

“We applaud Congressman Vargas for reintroducing the Credit Union Board Modernization Act, giving federally chartered credit unions greater flexibility,” said Scott Simpson, president/CEO of the California and Nevada Credit Union Leagues. “This bipartisan effort helps credit unions better serve their members, especially in rural and underserved areas. We encourage more House members to support this legislation.”

"The reintroduction of the Credit Union Board Modernization Act is significant for credit unions and their members,” said Michigan Credit Union League (MCUL) President/CEO Patty Corkery. “By reducing unnecessary regulatory burdens, this common-sense legislation will empower credit unions to dedicate more time and resources to serving their communities. MCUL is grateful to Rep. Bill Huizenga for his leadership and to our Michigan credit union advocates, who continue to work toward making the passing of this act a reality. We're pleased to see this progress, which is a testament to the collaborative relationship credit unions have built with many of our lawmakers.”