Credit Union Governance Modernization Act of 2020

Senate Bill 3323 - Credit Union Governance Modernization Act of 2020: Overview, Status, and Impact

Hozzl · 2022-02-08T23:22:58Z

Explore the details of Senate Bill 3323 Credit Union Governance Modernization Act of 2020 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

2/8/2022, 11:22 PM

Congressional Summary of S 3323

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.

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Current Status of Bill S 3323

Bill S 3323 is currently in the status of Bill Introduced since February 24, 2020. Bill S 3323 was introduced during Congress 116 and was introduced to the Senate on February 24, 2020. Bill S 3323's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of February 24, 2020

Bipartisan Support of Bill S 3323

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill S 3323

Primary Policy Focus

Finance and Financial Sector

Potential Impact Areas

- Bank accounts, deposits, capital

- Banking and financial institutions regulation

- Business records

- Fraud offenses and financial crimes

Alternate Title(s) of Bill S 3323

Credit Union Governance Modernization Act of 2020

A bill to amend the Federal Credit Union Act to modernize certain processes regarding expulsion of credit union members for cause, and for other purposes.