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NAFCU-backed CUBMA introduced in the Senate
Sens. Krysten Sinema, I-Ariz., Bill Hagerty, R-Tenn., Alex Padilla, D-Calif., and Thom Tillis, R-N.C., Wednesday introduced a Senate version of the NAFCU-supported Credit Union Board Modernization Act (CUBMA), which would reduce the minimum number of monthly meetings credit union boards are required to hold from 12 to six.
“We commend the introduction of the Credit Union Board Modernization Act in the Senate. We thank Senators Sinema, Hagerty, Padilla, and Tillis for their pro-credit union efforts to recognize the outdated, burdensome requirements placed on smaller, community-based financial institutions from outdated laws,” said NAFCU President and CEO Dan Berger. “This critical legislation will allow credit unions more flexibility and time to devote attention to serving their 135 million members while helping disadvantaged, underbanked communities who need access to affordable financial products and services. We urge the Senate to quickly pass this legislation.”
Continuing the momentum built by NAFCU’s advocacy last session, the House passed its version of the legislation in January. The bill was reintroduced in the chamber early this year by Reps. Juan Vargas, D-Calif., and Bill Huizenga, R-Mich. and passed by a voice vote under suspension of the rules – demonstrating the broad bipartisan support this issue has in Congress.
NAFCU continues to work closely with Congressional leaders and will advocate on this issue to secure swift passage in the Senate.