3.0.0 7963 2023-01-11T13:45:29Z 2023-01-11T13:45:29Z House HR 2020-08-07 116 [Congressional Record Volume 166, Number 141 (Friday, August 7, 2020)][House]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. EMMER:H.R. 7963.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8 of the Constitution.[Page H4226]]]> hsba00 Financial Services Committee House Standing Referred to 2020-08-07T14:01:35Z Credit Union Governance Modernization Act of 2020 116 3323 S 2020-02-24 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Identical bill CRS 2020-08-07 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2020-08-07 Introduced in House IntroReferral Intro-H 9 Library of Congress 2020-08-07 Introduced in House IntroReferral 1000 9 Library of Congress E000294 Rep. Emmer, Tom [R-MN-6] Tom Emmer R MN 6 N P000593 Rep. Perlmutter, Ed [D-CO-7] Ed Perlmutter D CO 7 2020-08-07 True S001208 Rep. Slotkin, Elissa [D-MI-8] Elissa Slotkin D MI 8 2020-12-14 False Finance and Financial Sector Bank accounts, deposits, capital Banking and financial institutions regulation Business records Fraud offenses and financial crimes Finance and Financial Sector 00 2020-08-07 Introduced in House 2020-09-04T10:59:47Z 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.
]]> Credit Union Governance Modernization Act of 2020 Display Title Credit Union Governance Modernization Act of 2020 Short Title(s) as Introduced Credit Union Governance Modernization Act of 2020 Introduced in House IH Official Title as Introduced To amend the Federal Credit Union Act to modernize certain processes regarding expulsion of credit union members for cause, and for other purposes. Introduced in House IH Introduced in House 2020-08-07T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116hr7963ih/xml/BILLS-116hr7963ih.xml 2020-08-07 Referred to the House Committee on Financial Services. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.