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Reps. Juan Vargas, D-Calif., and Bill Huizenga, R-Mich., Thursday introduced NAFCU-sought, bipartisan legislation – the Credit Union Board Modernization Act (CUBMA) – to revise language in the Federal Credit Union Act related to the requirement that credit union boards meet once a month.

“We thank Representatives Vargas and Huizenga for their leadership in reintroducing the Credit Union Board Modernization Act,” said NAFCU President and CEO Dan Berger. “Ensuring credit unions have every tool necessary to better serve their members and grow their local economies is a priority for NAFCU, and this legislation is a much-needed modernization of an outdated requirement that will provide them with increased flexibility and free up more resources. We urge Congress to enact this bipartisan legislation in a timely manner.”

The House passed CUBMA last year but it wasn’t advanced by the Senate, requiring reintroduction with the start of a new congressional session. NAFCU Senior Director of Legislative Affairs Chad Adams, during NAFCU’s Q4 Member Webinar in December, predicted CUBMA would be introduced early because of the bipartisan support and groundwork NAFCU helped build. Last year’s Senate companion bill, introduced by Sens. Kyrsten Sinema, I-Ariz., and Bill Hagerty, R-Tenn., received more than 20 cosponsors; it has yet to be reintroduced this year.

NAFCU has advocated for this legislation as it will provide flexibility and needed modernization considering technological advancements have allowed credit union boards to stay in more regular contact, lessening the necessity of monthly meetings.

The association will fight for CUBMA’s passage in both chambers; credit unions are encouraged to contact their lawmakers in support of the legislation using NAFCU’s Grassroots Action Center.