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House Passes Credit Union Board Modernization Act

Lizeth George1 min readSeptember 30, 2022

Yesterday, the House passed the Credit Union Board Governance Modernization Act (H.R. 6889). The bill was cosponsored by numerous members from Alabama, Florida, and Georgia, including Jerry Carl (AL-01), Barry Moore (AL-02), John Rutherford (FL-04), Bill Posey (FL-08), Gus Bilirakis (FL-12), Sanford Bishop (GA-02), Nikema Williams (GA-05), Carolyn Bourdeaux (GA-07), Barry Loudermilk (GA-11), and David Scott (GA-13).

 

This bill would modify the Federal Credit Union Act requirement that credit union boards meet no less than six times per year (from the current once per month).

 

LSCU thanks the members of our delegations who supported this legislation which will free up resources and allow credit unions more flexibility when it comes to board meetings.

 

The bill has a bipartisan Senate companion, introduced in May, which is cosponsored by Senator Tommy Tuberville (R-AL).

Written by
Lizeth George
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The League of Southeastern Credit Unions & Affiliates represents 302 credit unions in Alabama, Florida and Georgia, with a combined total of $175 billion in assets and more than 11.6 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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