Political Quotes

“Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise in strong support of H.R. 975, the Credit Union Board Modernization Act. I applaud my Committee on Financial Services colleagues, Representatives Vargas and Huizenga, for introducing it. This bipartisan bill will help focus credit unions' time and resources where it really matters, which is serving their members. Federal credit unions are governed by boards of directors who are currently required by law, Mr. Speaker, to meet at least once a month. This outdated requirement prevents credit unions from attracting talented volunteers and professionals to a credit union's board due to the time commitment of a monthly board meeting. Under H.R. 975, certain well-functioning credit unions are provided with the option to meet at least six times annually with at least one meeting held during each fiscal quarter of the year. This crucial change frees up the time and resources used for meetings to put toward the critical mission of providing financial services to their credit union members. Importantly, this bill has guardrails to ensure the safety and soundness of our financial system. Only credit unions with a CAMELS composite rating of a one or two will be permitted to meet at this less frequent rate. All credit unions, just like commercial banks, are subject to a supervisory rating scale. It is called the CAMELS rating.…”