Credit Union Board Modernization Act

Floor Speech

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Mrs. KIM. Mr. Speaker, I thank Chairman Hill for yielding.

Mr. Speaker, I rise in strong support of H.R. 975, the Credit Union Board Modernization Act. I also want to stand up and echo and reiterate the points that I already addressed because this legislation is so important.

This bill would amend the Federal Credit Union Act to revise the frequency of the board meetings a federally chartered credit union must hold. Under current law, credit union boards must meet once per month, but this bill, H.R. 975, would allow credit unions to lower that threshold of required meetings to six per year.

This bipartisan bill is needed to increase flexibility and unlock more resources for credit unions to better serve their members and our communities.

Additionally, H.R. 975 creates an incentive for credit unions to improve their management ratings by decreasing the number of board meetings for those that have the best management ratings. On the other hand, credit unions that are poorly managed or are new Federal credit unions will still be required to meet on a monthly basis.

I commend my colleagues, Representatives Huizenga and Vargas, for reintroducing this commonsense piece of legislation, and I urge my colleagues to support H.R. 975 and eliminate burdensome regulations to let credit unions do what they do best, which is to service their communities.

As you heard, this has been passed in the 117th and 118th Congresses. I think it is time to bring this home, and let's get this done this Congress.

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