Montana Legislative Update: This week at the Montana Legislative Session, Eddie Black from Vocal CU (pictured above) testified in opposition to SB 240, the "Equality in Financial Services Act," which aims to regulate service denials and social credit score discrimination for large banks and payment processors. The credit union community continues to work against this bill. Additionally, Montana's Credit Unions testified in support of SB 200, a bill that strengthens and modernizes cooperative laws by providing greater clarity and enhancing the rights of out-of-state cooperatives. We continue to monitor several bills in anticipation of them dropping soon. Contact Karen if you have any questions or concerns about bills in the Montana legislature.
CU Board Modernization Act Gains Senate Support: At the federal level, the Credit Union Board Modernization Act passed through the House and has been introduced in the Senate by Senators Bill Hagerty (R-TN) and Lisa Blunt Rochester (D-DE). This bill would allow well-run credit unions to reduce mandatory board meetings to six times annually, offering more flexibility and reducing regulatory burdens.
Nussle Defends Credit Unions' Tax Status: In a recent op-ed, America’s Credit Unions President/CEO Jim Nussle challenged bank lobbyists' claims and urged Congress to protect credit unions' tax status. Nussle highlighted the unique role of credit unions as financial cooperatives serving communities, not Wall Street, and warned that removing their tax exemption would harm consumers.
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