Yesterday, as part of the federal government spending bill, the Credit Union Employee and Member Safety Act was signed into law by President Biden. The bill was originally authored by Minnesota U.S. Senator Tina Smith and Congressman Tom Emmer.
“The Credit Union Employee and Member Safety Act is a culmination of strong, bipartisan work to help ensure the safety of credit union members and staff," said Mark Cummins, MnCUN President & CEO. "Senator Smith and Congressman Emmer deserves the appreciation of every credit union, both in Minnesota and across the country, for her leadership in making credit union security a priority.”
Modeled after similar legislation in Minnesota that became law a few years ago, the Credit Union Governance Modernization Act allows for members to be expelled by a vote of the Board, rather than a vote of the entire membership.
Expanding Financial Access for Underserved Communities Act
Last week in Congress, House Financial Services Chairwoman Maxine Waters (D-CA) introduced the Expanding Financial Access for Underserved Communities Act. This bill allows all federally-chartered credit unions to add underserved areas to their field of membership, and exempt business loans to made to businesses located in underserved areas from the member business lending cap. The bill also permits unlimited business lending authority for all (state and federal credit unions) in these areas. The bill is expected to be heard in Committee in the coming weeks and MnCUN will be working with CUNA to build support and add co-sponsors.
Unemployment Insurance Trust Fund
Negotiations between the House and Senate continue on replenishing the state’s unemployment insurance trust fund. The House DFL has been trying to tie that action to funding a larger pool of pandemic frontline worker bonus pay, which the Senate so far has resisted. Yesterday was the deadline for refilling the UI account. Both sides are continuing to meet and MnCUN will provide updates as needed.
The Pulse is MnCUN's newsletter that keeps credit union professionals and board members updated on current news and information.