Rep. Dean Philips Signs on to Credit Union Modernization Act of 2021

Congressman Dean Phillips (D-MN) has joined a bipartisan group of legislators and has signed on as a co-sponsor of H.R. 2311, the Credit Union Governance Modernization Act of 2021.

​​Although an extremely rare occurrence, there have been instances where credit union members have posed to be a threat to staff or engage in dangerous or illegal conduct. MnCUN has collected stories from federally chartered credit unions across the state of members threatening staff with physical violence, inflicting damage to property, engaging in racist or offensive behavior and fraud.

Under current law, a two-thirds vote of the full credit union membership is required to expel a credit union member. In these cases, the time and resources required for a full vote are simply not practical nor effective. H.R. 2311 would amend the Federal Credit Union Act to allow a more efficient process by requiring a majority vote of the board of directors of a credit union while at the same time providing an appeal process for the credit union member.

“MnCUN, in partnership with CUNA, strongly supports H.R. 2311 which would allow credit unions the ability to better protect members and employees,” MnCUN Chief Advocacy and Engagement Officer Mara Humphrey said. “We want to thank Congressman Phillips for his support and joining the list of co-sponsors for this important bill.”

Congressman Tom Emmer (R-MN) is the lead author on the bill in the House, while Senator Tina Smith (D-MN) is the lead sponsor of the Senate version, S. 1767.