Bruce F. Vento: “I think this is a bill that the Members should overwhelmingly record their vote in support of. The fact is that this…”

“I think this is a bill that the Members should overwhelmingly record their vote in support of. The fact is that this remedies the court decision of about a month ago that had been a long time considered by the courts in terms of the field of membership for credit unions. The definitions in the law really have not been substantively adjusted since 1934. After some over 60 years, it is appropriate to recognize in the law the changing complexion of our society and our economy and the nature of mergers, acquisitions and divestiture that often has occurred with regard to various employee and other association groups that had been organized as credit unions. It is only common sense to recognize that this evolution would cause and eclipse the 1934 law upon which credit unions rely for the base of membership. This importantly not just remedies the Supreme Court case, but sets a policy path and guidance for the future by strengthening the definitions of such groupings and probably averting future court cases that have recently been rendered by the Supreme Court.”