House Passes Rep. Vargas’ Credit Union Board Modernization Act
WASHINGTON, D.C (September 28, 2022) — Today, the U.S. House of Representatives voted to pass Congressmember Vargas’ bipartisan Credit Union Board Modernization Act, H.R. 6889. This legislation would update the Federal Credit Union Act to modify current federal requirements for federal credit union board meetings and alter requirements that credit union boards meet once per month to once every other month.
“I’m proud that my Congressional colleagues voted to pass the Credit Union Board Modernization Act to modify an outdated requirement that allows credit unions and their board members more flexibility,” said Rep. Vargas. “This legislation would ensure that credit unions can free up time and resources to provide quality financial services to their communities. I’m grateful to have the support of my bipartisan colleagues as we work together to modernize our nation’s credit unions.”
The bill would continue to allow credit union boards to meet as frequently as needed and would require monthly board meetings for credit unions exhibiting unsound practices. It is co-sponsored by Reps. Porter (CA-45), Aguilar (CA-31), Roybal-Allard (CA-40), Titus (NV-01), Case (HI-01), Kahele (HI-02), Brownley (CA-26), Gonzalez (OH-16), Sessions (TX-17), Amodei (NV-02), Timmons (SC-04), Moore (UT-01), Mooney (WV-02), Budd (NC-13), Miller (IL-15), Fitzpatrick (PA-01), Davidson (OH-08), and Johnson (LA-04). The bill now moves to the Senate for consideration.
Vargas represents California’s 51st Congressional District which includes the southern portion of San Diego County, all of Imperial County and California’s entire U.S.-Mexico border. Vargas was first elected to the U.S. House of Representatives in 2012 and is currently serving his fifth term in Congress. He serves on the House Financial Services Committee and House Foreign Affairs Committee.