U.S. Senator Bill Cassidy, M.D. (R-LA) introduced the Credit Union Board Modernization Act to revise an antiquated federal law requiring credit union boards to meet every month. 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.
Credit unions should be able to focus on serving their community rather than more bureaucracy. This is a silly rule. Repeal it,” said Dr. Cassidy.
Cassidy was joined by U.S. Senators Bill Hagerty (R-TN) and Lisa Blunt Rochester (D-DE) in introducing the legislation.
Current law for Credit Union Board Meetings requires all federal credit unions, regardless of performance, to hold monthly board meetings, imposing an unnecessary burden on well-managed and well-performing credit unions and diverting time and financial resources that should be allocated to serving credit union members.
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