Following House passage of the Credit Union Board Modernization Act, a bipartisan Senate companion was introduced by Sens. Bill Hagerty, R-Tenn., and Lisa Blunt Rochester, D-Del. The bill (S. 522) would allow boards of well-run credit unions to meet as few as six times per year, instead of the monthly meetings currently required, providing greater flexibility and ability to adjust resources.

“We greatly appreciate Sens. Bill Hagerty and Lisa Blunt Rochester for their introduction of the Credit Union Board Modernization Act,” said America’s Credit Unions Chief Advocacy Officer Carrie Hunt. ‘Credit unions face several regulatory burdens, and this bill would provide flexibility so that credit unions can commit more resources and time to what matters most: serving their members and communities. This legislation has already passed the House, and we urge the Senate to swiftly take up the measure. We will continue to work with lawmakers on other reforms to ensure credit unions can thrive.”

"The Tennessee League is grateful to Senator Hagerty for his leadership on this important legislation,” said Sarah Waters, chief advocacy officer at the Tennessee Credit Union League. “The requirement of credit union boards to meet twelve times per year is long outdated and technology has improved greatly since this was put in place. This will reduce the undue burden on all credit unions, especially smaller credit unions and those in rural areas.”

“This legislation empowers volunteer credit union board members and enhances opportunities for member engagement,” said Ron McLean, president/CEO of the Cooperative Credit Union Association. “Delaware credit unions are grateful for Senator Blunt Rochester’s leadership in championing this important initiative, which strengthens credit union safety and soundness while embracing modernization.”

The House passed the bill last week by voice vote.