House Passes Rep. Vargas’ Credit Union Board Modernization Act
WASHINGTON, D.C. (January 30, 2023) – Today, the U.S. House of Representatives voted to pass Congressmember Juan Vargas’ (CA-52) Credit Union Board Modernization Act, H.R. 582. 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 the House passed the Credit Union Board Modernization Act, which I introduced, along with Rep. Bill Huizenga (MI-4), to change the outdated requirement and allow credit unions and their board members more flexibility,” said Rep. Vargas. “This bipartisan legislation would give credit unions the ability to better dedicate their time and more effectively serve their members and communities.”
“Thank you to the House members for taking up and voting to advance this bipartisan, common-sense legislation that would help free up credit union time and resources to focus on members and their needs,” said Jim Nussle, CUNA President and Chief Executive Officer. “CUNA, Leagues, and credit unions also thank Reps. Vargas and Huizenga for moving quickly to introduce this bill in the new Congress, and we look forward to further engagement with the Senate to get this bill across the finish line.”
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 broad bipartisan support.
The bill now moves to the Senate for consideration.
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Vargas represents California’s 52nd Congressional District which includes the southern portion of San Diego County, including the cities of San Diego, National City, Chula Vista, and Imperial Beach. Vargas was first elected to the U.S. House of Representatives in 2012 and is currently serving his sixth term in Congress.