Political Quotes

“I thank Chairman McHenry for yielding me time this afternoon. I rise today in support of the Credit Union Board Modernization Act and ask for its immediate passage. Credit unions can play an important role in many of our local communities, often working with families and small business owners to gain access to credit. H.R. 582 will go a long way to providing reasonable regulatory relief for credit unions, especially in Michigan's Fourth Congressional District and across the Nation. {time} 1715 Mr. Speaker, if signed into law, these commonsense, reasonable reforms will allow federally chartered credit unions in good standing in Michigan and across the country the same reasonable governance practices afforded to those at the State level. Currently, all federally chartered credit union boards must meet at least once month. This one-size-fits-all requirement often negatively impacts smaller rural credit unions, which ultimately impacts, frankly, which members are willing to even serve on those boards and therefore the services that they can and will be able to provide to their local community. The Credit Union Board Modernization Act rightly modernizes how often federally chartered credit union boards must meet, which the National Credit Union Administration currently mandates to be monthly. Nothing in this legislation prevents a credit union from meeting more than six times a year. It just gives them the flexibility and they are able to then decide.…”