The federal Credit Union Act is outdated and needs to bemodernized, CUNA officials said Monday, in announcing acomprehensive effort to send a plan to Capitol Hill during the next Congress.

“It's been about 20 years since the Credit Union Act has beenupdated,” said Ryan Donovan, CUNA's chief advocacy officer. Duringthat time, state laws governing credit unions have changed, as havefederal banking laws.

CUNA's Credit Union Powers Subcommittee has been examining theissue, he said, adding the association also has contacted memberleagues and credit unions to determine areas of the law that areoutdated.

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