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Perlmutter, Emmer Introduce Credit Union Governance Modernization Act
Washington, D.C.-, April 1, 2021
Tags: Jobs & the Economy
Washington, D.C. - Today, Congressmen Ed Perlmutter (CO-07) and Tom Emmer (MN-06) introduced bipartisan legislation that updates credit union practices and improves employee and member safety. The Credit Union Governance Modernization Act updates the credit union member expulsion process while ensuring a fair procedure for reinstatement.
“Credit unions in Colorado and across the country should have the ability to address threatening or illegal behavior when necessary,” said Congressman Perlmutter. “This bipartisan legislation makes important updates to ensure credit unions can streamline their process for expelling bad actors and keep their employees, members and communities safe.”
“NAFCU applauds Representatives Tom Emmer and Ed Perlmutter for introducing legislation that will help protect credit unions and their members from abusive, fraudulent, and criminal activity," said NAFCU President and CEO Dan Berger. “Ensuring credit unions have the ability to address illegal activity or threatening behavior at their institutions is paramount so they can continue to safely and soundly serve their members and local communities. NAFCU strongly supports this bipartisan bill, and we will continue to advocate for Congress to pass these important reforms.”
“Mountain West Credit Union Association, which represents 119 credit unions and more than 3.4 million members in Arizona, Colorado and Wyoming, supports the Credit Union Governance Modernization Act,” said Scott Earl, President and CEO of the Mountain West Credit Union Association. “We are grateful to Representatives Perlmutter and Emmer for their efforts to improve member and employee safety as credit unions help our communities recover from COVID-19 stronger than before.”
"This bill is important to protect the safety and security of credit union employees, and is a much needed update to the federal credit union charter," said Mark Cummins, President and CEO of the Minnesota Credit Union Network. "We appreciate Representative Emmer’s commitment to Minnesota credit unions."
Read the bill here.