| Bill | S 3323 |
|---|---|
| Type of Legislation | Senate Bill |
| Congress | 116 |
| Source | View original on Congress.gov |
Geographic Scope
National
Description
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.
Bill Title
Credit Union Governance Modernization Act of 2020
Linked Goals
Steps
- 2020-02-24: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 2020-02-24: Introduced in Senate
Projected Outcome
A more informed proposal or public response aligned with the Promote General Welfare goal.