Following passage of a House version earlier this month, Senate Banking Committee leaders have reintroduced the Credit Union Board Modernization Act (S. 522). Sponsored by Delaware Sen. Lisa Blunt Rochester and Tennessee Sen. Bill Hagerty, the bill would provide credit union boards with greater flexibility by reducing the minimum number of required meetings from 12 to six per year. The Association and Delaware credit unions met with Sen. Blunt Rochester prior to the introduction of this bill to provide addition support and context.

“The Credit Union Board Modernization Act will deliver much-needed regulatory relief, giving boards the flexibility to operate more effectively and efficiently,” said John Bratsakis, President/CEO, MD|DC Credit Union Association. “This legislation enables credit unions to enhance their operational capabilities while continuing to prioritize safety and soundness. We deeply appreciate the support of Senator Lisa Blunt Rochester in sponsoring the legislation which will strengthen the credit union community.”

“This commonsense bill will ease outdated requirements enabling credit unions, especially smaller ones and those in rural areas, to focus more time and resources on their mission of promoting financial well-being,” said Dan McCarthy, President/CEO, Del-One Federal Credit Union. “We would like to thank Senator Lisa Blunt Rochester for her leadership in sponsoring this impactful legislation and look forward to our continued collaboration.”