The U.S. House has approved the Credit Union Board Modernization Act, co-sponsored by Congressman Bill Huizenga. He tells us the bill would ease regulatory burdens by allowing federal credit union boards in good standing to meet every other month, rather than once every month.
“It would put federal credit unions that are chartered by the federal regulators in line with what state regulators say,” Huizenga said. “So, it would cut down on the number of mandatory board meetings that these credit unions, that are member driven and member owned, have to hold. So, hopefully that’s going to free up some resources and time for the managers of those credit unions and their members to be a little more productive.”
Huizenga says the change will benefit smaller credit unions, especially in rural areas. He says being required to hold more frequent board meetings can get in the way of serving members. Huizenga was the lead Republican on the bill, which was approved by the House unanimously.
