Legislation aimed at updating credit union practices and improving employee safety was introduced this week, with its backers saying the bill would simplify the member expulsion process while ensuring a fair procedure process for reinstatement.
The Credit Union Governance Modernization Act was introduced on Wednesday by U.S. Representatives Tom Emmer, R-Minnesota, and Ed Perlmutter, D-Colorado, both members of the House Financial Services Committee.
The bill broadens the ability to expel members for cause, allowing federal credit unions to remove members due to these actions, a Wednesday press release from Emmer states.
As with any legislation that may impact credit unions, Association leadership is monitoring this bill and will provide more information as it becomes available. The full text of the bill can be accessed by clicking here.