US Congress Senate Bill 3323 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Introduced on February 24 2020 - 25% progression, died in committee
Action: 2020-02-24 - Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Pending: Senate Banking, Housing, And Urban Affairs Committee
Text: Latest bill text (Introduced) [PDF]

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.

Credit Union Governance Modernization Act of 2020

Sen. Tina Smith [D-MN]

Sen. Ben Sasse [R-NE]

Sen. Catherine Cortez Masto [D-NV]

Sen. Kevin Cramer [R-ND]

Date	Chamber	Action
2020-02-24	Senate	Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

HB7963 (Same As) 2020-08-07 - Referred to the House Committee on Financial Services.

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/senate-bill/3323/all-info
Text	https://www.congress.gov/116/bills/s3323/BILLS-116s3323is.pdf