Board Modernization Bill Passes in the U.S. House

On Monday evening, the Credit Union Board Modernization Act passed through the U.S. House unanimously by voice vote. The act would reduce the board meeting requirement for well-run credit unions from twelve per year to six. This would give greater flexibility for boards who may have difficulty scheduling but are able to maintain communication using tools like email.  

Prior to the floor vote, the League’s Advocacy team reached out to both Representative Golden and Representative Pingree, whose offices indicated they would support the legislation.

The bill is currently scheduled to go to the Senate Committee on Banking, Housing, and Urban Affairs. Should it pass through committee, it will proceed to a vote in the Senate. If you have a personal story of how this legislation will positively impact your credit union, please email it to Robert Caverly at rcaverly@mainecul.org, and he will share it with Senators King and Collins. The more we can connect our representatives to stories that reflect our credit union advocacy goals, the better able we are to fulfill our mission.