A bill to amend the Federal Credit Union Act to modernize certain processes regarding expulsion of credit union members for cause, and for other purposes.
About This Bill
Committee
Latest Action · February 24, 2020
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Credit Union Governance Modernization Act of 2020
This bill revises the procedure for expelling members from a federal credit union. Specifically, a member may be expelled for cause pursuant to a policy adopted by a majority vote of a quorum of the directors of a credit union. Currently, a member may be expelled by a two-thirds vote of the credit union membership present at a special meeting.
The expelled member may request reinstatement by the credit union board.
Member conduct that may be cause for expulsion includes
a loss to the credit union, a violation of the credit union membership agreement, a disruption to the operations of a credit union, fraud or attempted fraud, and other illegal or inappropriate behavior.
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