Credit Union Governance Modernization Act of 2021
- Last Action
- 11/16/2021
Actions
- 2021-11-16Ordered to be Reported in the Nature of a Substitute (Amended) by Voice Vote.
- 2021-11-16Committee Consideration and Mark-up Session Held.
- 2021-04-01Referred to the House Committee on Financial Services.
- 2021-04-01Introduced in House
- 2021-04-01Introduced in House
CRS Summary
As of 2021-04-01 (00)
Credit Union Governance Modernization Act of 2021
This bill revises the procedure for expelling members from a federal credit union. Specifically, a member may be expelled for cause pursuant to a policy adopted by a majority vote of a quorum of the directors of a credit union. Currently, a member may be expelled by a two-thirds vote of the credit union membership present at a special meeting.
The member may request a hearing from the board of directors. After the hearing, the board shall hold a vote on expelling the member.
The expelled member may request reinstatement through a two-thirds vote of the members present at a meeting.
Member conduct that may be cause for expulsion includes
- a material loss to the credit union,
- a violation of the credit union membership agreement,
- a substantial disruption to the operations of a credit union,
- fraud or attempted fraud, and
- other illegal or inappropriate behavior.
Cosponsors (19)
- Ed Perlmutter (D-CO)
- Jeff Fortenberry (R-NE)
- Antonio Delgado (D-NY)
- Dean Phillips (D-MN)
- PETE SESSIONS (R-TX)
- Susie Lee (D-NV)
- Mark Amodei (R-NV)
- Ritchie Torres (D-NY)
- Linda Sánchez (D-CA)
- John Rose (R-TN)
- Suzanne Bonamici (D-OR)
- Steve Womack (R-AR)
- Eric Crawford (R-AR)
- Joseph Morelle (D-NY)
- Jaime Herrera Beutler (R-WA)
- Pete Stauber (R-MN)
- Don Bacon (R-NE)
- KEN CALVERT (R-CA)
- RICK LARSEN (D-WA)
Subjects
- Administrative remedies
- Bank accounts, deposits, capital
- Banking and financial institutions regulation
- Fraud offenses and financial crimes
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.