The House advanced bipartisan credit union legislation by voice vote Monday afternoon, supporting the Credit Union Board Modernization Act (H.R. 975). Introduced by Reps. Juan Vargas, D-Calif., and Bill Huizenga, R-Mich., it would allow credit union boards of well-run credit unions to meet as few as six times per year, instead of once per month as currently required.

“By passing the bipartisan Credit Union Board Modernization Act, the House brings credit unions one step closer in achieving this much needed flexibility. This legislation would help free up resources so credit unions can do even more to better serve their members and the community at large," said America’s Credit Unions Chief Advocacy Officer Carrie Hunt. "Thank you to Representatives Juan Vargas D-Calif. and Bill Huizenga, R-Mich., for introducing the bill and helping usher it through the House. We look forward to moving this issue in the Senate next to further strengthen credit unions and help the people they serve with this needed, common sense change.”  

America’s Credit Union President/CEO Jim Nussle encouraged House leaders to take up the bill in a letter sent last week.

The bill passed the House in the last Congress, but a companion bill did not move out of the Senate.