WASHINGTON–Several senators are cosponsoring the reintroduction of the Credit Union Board Modernization Act, which seeks to revise the rules in the Federal Credit Union Act that require credit union boards to meet every month.

The legislation, which has been previously introduced in Congress, has had the backing of credit union trade groups.
By reducing unnecessary board meetings, the bill “alleviates regulatory burdens and enables credit unions to concentrate on their core mission of serving their members’ financial needs,” the senators said.
“Credit unions should be able to focus on serving their community rather than more bureaucracy. This is a silly rule. Repeal it,” Sen. Bill Cassidy (R-LA) added in a statement.
‘Unnecessary Burden’
Co-sponsors include Sen. Bill Hagerty (R-TN) and Sen. Lisa Blunt Rochester (D-DE) in introducing the legislation.
The requirement to hold monthly board meetings, the senators stated, imposes an “unnecessary burden on well-managed and well-performing credit unions and (diverts) time and financial resources that should be allocated to serving credit union members.”
