U.S. Senator Smith, in partnership with Senator Sasse (R-NE), introduced the Senate companion to the Credit Union Governance Modernization Act in the House. This bill creates a pathway for federal credit unions to expel members without a full vote of their membership.
“This bill is an important update of the federal credit union charter and prioritizes the safety of credit union members and the staff that serve them,” said Mark Cummins, President and CEO of the Minnesota Credit Union Network. “We appreciate Senator Smith’s commitment to strengthening the security of Minnesota credit unions.”
“We thank Sens. Smith and Sasse for their bipartisan bill that would modernize the Federal Credit Union Act to support staff and member safety,” said Jim Nussle, President and CEO of the Credit Union National Association. “We look forward to working with them to advance this bipartisan legislation so that we can bring credit union governance into the 21st century.”
You can access bill text here.
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