JUST IN: CU Board Modernization Act Passed in House

Dan Berger

​Quick update: The Credit Union Board Modernization Act (CUBMA) just passed in the House by voice vote. This bill will reduce the minimum number of monthly meetings credit union boards are required to hold from 12 to six. The legislation now heads to the Senate for consideration.

“The House’s swift passage of the Credit Union Board Modernization Act is a testament to the credit union industry’s commitment to their members. NAFCU and our member credit unions fought to make lawmakers aware of outdated requirements that can be costly and impact the ability to serve members. Reducing the number of required annual meetings and recognizing the need for modernization in the Federal Credit Union Act will allow credit unions to utilize resources better and focus their efforts on serving their 134 million members and the underserved communities in need of safe, affordable financial products and services. We thank Representatives Vargas and Huizenga for their leadership on this issue and we urge the Senate to follow the House’s lead and pass this legislation without delay.”

​- NAFCU President and CEO Dan Berger

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