NCUA Headquarters NCUA headquarters. (Source: NCUA)

Credit union groups CUNA and NAFCU have long supported the Credit Union Governance Modernization Act (CUGMA), which became law in March. The law now requires the NCUA to develop a policy for federal credit unions to use in order to expel a member for cause by a two-thirds vote of a quorum from the credit union’s board of directors.

Before the NCUA finalizes its proposed rule to amend bylaws concerning member expulsion, CUNA and NAFCU asked the federal agency to ensure credit unions aren’t overburdened by the process.

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Michael Ogden

Editor-in-Chief for CU Times.

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