S 3323
116th Congress
Senate
Finance and Financial Sector
Bank accounts, deposits, capital
Banking and financial institutions regulation
Business records
Fraud offenses and financial crimes
Credit Union Governance Modernization Act of 2020
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 24, 2020
Introduced in Senate
Feb 24, 2020
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Plain-English summary
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.
What's happening now
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Committees of jurisdiction
1