Reps. Juan Vargas, Bill Huizenga Legislation to Modernize Credit Union Board Requirements Passes House
WASHINGTON - Today, U.S. Representatives Juan Vargas (CA-52) and Bill Huizenga (MI-04), members of the House Financial Services Committee, announced the passage of their legislation to update the requirements for federal credit union board meetings in the House of Representatives.
This bill will allow federal credit union boards in good standing to meet every other month instead of monthly, allowing them to focus their resources on serving consumers and small businesses and supporting economic activity at the local level.
“I’m glad to see this legislation pass the House of Representatives today. This is a critical step towards making sure credit unions have more time and resources to dedicate to serving our communities,” said Rep. Juan Vargas. “Thanks to my colleague, Congressman Huizenga, for leading this effort with me.”
“Credit unions play a critical role in helping local small businesses access credit while expanding economic opportunity for families across all walks of life,” said Rep. Bill Huizenga, Vice Chairman of the House Financial Services Committee. “The Credit Union Board Modernization Act will go a long way in providing necessary regulatory relief for credit unions in Southwest Michigan and around the country. These commonsense reforms will allow federally chartered credit unions in good standing to be afforded the same, reasonable governance practices that already exist at the state level. I’m happy to lead this bipartisan effort with Congressman Vargas and look forward to seeing these reforms enacted into law.”
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