HFSC advances CU board modernization; House passes NAFCU-backed bills

by NAFCU Newsroom

During its markup yesterday, the House Financial Services Committee passed by voice vote the NAFCU-backed H.R. 6889, the Credit Union Board Modernization Act, which would amend Federal Credit Union Act language that currently requires credit union boards to meet once a month, to instead require the board to meet no less than six times per year.

Also Wednesday the House voted to pass two NAFCU-backed bills from this week’s suspension calendar: the SECURE Notarization Act, which provides businesses and consumers the ability to execute critical documents using remote notarization; the CDFI Bond Guarantee Program Improvement Act, which would permanently authorize the CDFI Bond Guarantee Program; late Tuesday, the House cleared the Promoting New and Diverse Depository Institutions Act, which would require federal financial regulators to conduct an 18-month study examining the challenges perspective de novo institutions face.

Ahead of the suspension votes, NAFCU Vice President of Legislative Affairs Brad Thaler detailed NAFCU’s support for the measures, such as the SECURE Notarization Act, specifically noting that the bill would modernize long-standing issues with processing legal documents.

 

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