America’s Credit Unions President/CEO Jim Nussle encouraged Senate Banking Committee leaders to support the Credit Union Board Modernization Act (S. 522), a bipartisan bill introduced recently in the Senate. Sens. Bill Hagerty, R-Tenn., and Lisa Blunt Rochester, D-Del., both members of the committee, introduced the legislation to allow credit union boards the flexibility to meet at minimum six times a year (the current requirement is 12 times a year).

“This outdated board meeting requirement can place a burden on credit union staff and their volunteer board members, especially smaller credit unions with few employees and those in rural areas,” Nussle wrote. “The amount of resources it takes for a credit union to run a monthly board meeting can shift employee time away from the services that a credit union provides to its community.”

The House passed its version of the bill last week via voice vote.

Read the full letter here.