The federal Credit Union Act is outdated and needs to bemodernized, CUNA officials said, in announcing a comprehensiveeffort to send a plan to Capitol Hill during the next Congress.

“It's been about 20 years since the Credit Union Act has beenupdated,” Ryan Donovan, CUNA's chief advocacy officer, said. 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.

Continue Reading for Free

Register and gain access to:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
  • Educational webcasts, white papers, and ebooks from industry thought leaders.
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Credit Union Management