Nashville Standard

United States Senators Bill Hagerty and Lisa Blunt Rochester have reintroduced the Credit Union Board Modernization Act. This bipartisan legislation aims to amend a federal law mandating monthly meetings for credit union boards, thus easing regulatory pressures on these financial institutions.

Senator Hagerty emphasized the importance of allowing credit unions to allocate more time to their members rather than being tied up in unnecessary board meetings. "Credit unions should be allowed to spend less time in unnecessary board meetings and more time serving their members," he stated. The proposed changes seek to provide flexibility, enabling credit unions to focus on delivering quality financial services across rural communities and nationwide.

Senator Blunt Rochester echoed this sentiment, highlighting the need for modernizing outdated requirements that affect credit unions, particularly those in Delaware. She remarked, "It is far past time that the arcane requirements for credit unions are removed." She expressed her commitment to working with Senator Hagerty and other colleagues to reduce bureaucratic obstacles for credit unions.

Carrie Hunt from America's Credit Unions expressed gratitude towards both senators for introducing the bill. "Credit unions face several regulatory burdens, and this bill would provide flexibility so that credit unions can commit more resources and time to what matters most: serving their members and communities," she said. The legislation has already passed the House, and there is an appeal for swift Senate action.

Sarah Waters of the Tennessee Credit Union League also praised Senator Hagerty's leadership on this issue. She noted that by updating board meeting requirements, volunteer boards could better serve their communities' financial needs.

The full text of the legislation is available online.