DOVER, Del.– The Credit Union Board Modernization Act (S.522) has been filed in the U.S. Senate The legislation has the support of credit unions, including the Cooperative CU Association, which noted Delaware Sen. Lisa Blunt Rochester is a co-sponsor, 

The legislation would allow federal credit union boards in good standing to meet every other month instead of monthly, “reducing regulatory burdens while enhancing board engagement—without compromising safety and soundness,” according to its supporters.

The Cooperative CU Association noted that earlier this year its advocacy team met with elected officials from the four states it represents (Massachusetts, Rhode Island, New Hampshire and Delaware), including Sen. Elizabeth Warren (D-MA), the ranking member of the Senate Banking Committee, and with Sen. Blunt Rochester (D-DE), a new member of the committee.

Parallel Measure in House

A parallel measure has advanced in the House of Representatives by voice vote.

The CCUA noted that its director of advocacy, Jessica Avery, “worked diligently to draft testimony on behalf of multiple Delaware credit unions. Senator Blunt Rochester will submit this testimony for the record—further solidifying CCUA’s role in shaping national policy.”