Governmental Affairs News: Feb. 1, 2023

U.S. House Passed Credit Union Board Modernization Act: On Monday night, the US House of Representatives passed the Credit Union Board Modernization Act to update the Federal Credit Union Act.
Bill to Regulate Payday Lending Approved by State House Committee: Last week, the state House Commerce committee heard and passed a bill, H.F. 290, to cap interest rates on short-term, high-interest loans, often referred to as payday loans. 
Commerce Commissioner Confirmed by the Minnesota Senate Committee: Last week, Grace Arnold was confirmed by a Senate committee to serve as the Commissioner of the Commerce Department.

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