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The House Financial Services Committee passed the Credit Union Board Modernization Act (H.R. 6889) on July 27th on a voice vote to allow flexibility of federal credit union boards of directors to meet a minimum of six times annually rather than the current requirement of twelve. The bill would require de novo credit unions to hold monthly board meetings for the first five years and would require monthly board meetings for those credit unions with a composite rating of 4 or 5. There is a Senate companion bill S. 4325.<\/p>\n
The House Financial Services Committee also passed a bill that would significantly limit overdraft protection programs with H.R. 4277. The bill would limit the number of overdraft fees a credit union or bank could charge a member\/customer to six per year and no more than one in any given month. The League and credit union advocates recently expressed our opposition to the bill during the League\u2019s Hike the Hill. \u201cThis legislation threatens overdraft protection programs that aim to assist credit union members, who affirmatively opt-in to the program, by covering a shortfall in their account balance,\u201d said Scott Sullivan, President\/CEO of the League.\u00a0\u00a0 There is a Senate companion bill S. 2677. \u00a0<\/p>\n
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[et_pb_section fb_built=”1″ _builder_version=”4.9.4″ _module_preset=”default” custom_padding=”0px|||||”][et_pb_row _builder_version=”4.9.4″ _module_preset=”default” custom_padding=”0px|||||”][et_pb_column type=”4_4″ _builder_version=”4.9.4″ _module_preset=”default”][et_pb_text _builder_version=”4.9.4″ _module_preset=”default”] The House Financial Services Committee passed the Credit Union Board Modernization Act (H.R. 6889) on July 27th on a voice vote to allow flexibility of federal credit union boards of directors to meet a minimum of six times annually rather than the […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=\/wp\/v2\/posts\/4237"}],"collection":[{"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4237"}],"version-history":[{"count":0,"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=\/wp\/v2\/posts\/4237\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4237"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4237"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ncultheaffiliate.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4237"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}