Movement advocacy hits the ground running in 2023
Published by: Jared Weiser
February 8, 2023 | Government Affairs
League advocacy got off to a fast start this year with two significant victories in January. Thanks to efforts by Buckeye State Credit Union and the League, the U.S. Department of the Treasury chose to delay new Community Development Financial Institution (CDFI) application rules that could have prohibited credit union participation in the program. Delaying the proposed changes will allow time for all CDFIs and Leagues to carefully review the rules and provide constructive comments.
Additionally, the U.S. House of Representatives passed H.R. 582, the Credit Union Board Modernization Act, which would allow federally-chartered credit unions the ability to adopt reasonable governance practices that best meet membership obligations. The legislation modernizes federally chartered credit union board meeting frequency requirements to no less than six times per year. League advocacy efforts now turn to the U.S. Senate, where we will continue championing this commonsense and bipartisan legislation.
