On July 26th, United States Senator Pete Ricketts signed on to co-sponsor the Credit Union Modernization Act of 2023, S. 610. The bill would reduce the number of board meetings for credit unions to no fewer than six annually with at least one meeting per financial quarter. Current law requires credit union boards of directors to hold at least one meeting per month. The bill would retain the required monthly board meeting for new credit unions for the first five years of their existence, and for credit unions that have a composite rating of 3, 4, or 5. Senator Ricketts co-sponsored the bill shortly after several Nebraska credit union advocates met with him during the League’s annual “Hike the Hill” in which they asked for his support of the bill.
The League thanked Senator Ricketts for his support of S. 610 in a letter saying in part, “thank you for your support of this common-sense, bi-partisan legislation that will provide regulatory relief to qualifying credit unions in Nebraska”.
The House of Representatives unanimously passed their version of the bill in January of this year.
Pictured (left to right): Rex Minert, Archer CU; Robin Larsen, Cobalt FCU; Senator Pete Ricketts; Frank Wilber, Liberty First CU; Scott Sullivan, League; Brandon Luetkenhaus, League.
