Senate Bill 3323
116th Congress(2019-2020)
Credit Union Governance Modernization Act of 2020
Introduced
Introduced in Senate on Feb 24, 2020
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
3323
Congress
116
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
No Senate votes have been held for this bill.
Summary
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.
February 24, 2020
02/24/2020
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
02/24/2020
Introduced in Senate
Public Record
Record Updated
Feb 8, 2022 11:22:58 PM