Senate Introduces CU Board Modernization Act After House Approval

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The Credit Union Board Modernization Act (S. 522) has been introduced in the Senate by Sens. Bill Hagerty (R-Tenn.) and Lisa Blunt Rochester (D-Del.) following House approval. The bill would allow well-run credit union boards to meet at least six times a year instead of the current monthly requirement, offering greater flexibility. 

Carrie Hunt, chief advocacy officer for America’s Credit Unions, praised the bill, emphasizing that it would ease regulatory burdens and allow credit unions to focus on serving their members. She urged the Senate to act quickly. 

The House passed the bill by voice vote last week, and supporters are calling for swift Senate approval.