U.S. Capitol building The U.S. Capitol building. (Photo: Shutterstock)

The Credit Union Governance Modernization Bill, included inside the $1.5 trillion omnibus spending package to fund the Federal government, passed the Senate on Thursday with a 68-31 vote. The legislation will update the Federal Credit Union Act to allow credit union boards to expel members for just cause, rather than going through a full membership vote.

The passage of the legislation came four months after the House Financial Services Committee voted to move the bill forward after Reps. Tom Emmer (R-Minn.) and Ed Perlmutter (D-Colo.) introduced it earlier in 2021.

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Michael Ogden

Editor-in-Chief for CU Times.

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