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Credit Union Employee and Member Safety Act of 2021

USA117th CongressS-1767| Senate 
| Updated: 5/20/2021
Tina Smith

Tina Smith

Democratic Senator

Minnesota

Cosponsors (7)
Amy Klobuchar (Democratic)Jacky Rosen (Democratic)Ben Sasse (Republican)Jon Tester (Democratic)Bill Hagerty (Republican)John Barrasso (Republican)Steve Daines (Republican)

Banking, Housing, and Urban Affairs Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Credit Union Employee and Member Safety Act of 2021 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 member may request a hearing from the board of directors. After the hearing, the board shall hold a vote on expelling the member. The expelled member may request reinstatement through a two-thirds vote of the members present at a meeting. Member conduct that may be cause for expulsion includes a material loss to the credit union, a violation of the credit union membership agreement, a substantial disruption to the operations of a credit union, fraud or attempted fraud, and other illegal or inappropriate behavior.
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Timeline
May 20, 2021
Introduced in Senate
May 20, 2021
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • May 20, 2021
    Introduced in Senate


  • May 20, 2021
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Finance and Financial Sector

Related Bills

  • HR 117-2311: Credit Union Governance Modernization Act of 2021
Administrative remediesBank accounts, deposits, capitalBanking and financial institutions regulationFraud offenses and financial crimes

Credit Union Employee and Member Safety Act of 2021

USA117th CongressS-1767| Senate 
| Updated: 5/20/2021
Credit Union Employee and Member Safety Act of 2021 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 member may request a hearing from the board of directors. After the hearing, the board shall hold a vote on expelling the member. The expelled member may request reinstatement through a two-thirds vote of the members present at a meeting. Member conduct that may be cause for expulsion includes a material loss to the credit union, a violation of the credit union membership agreement, a substantial disruption to the operations of a credit union, fraud or attempted fraud, and other illegal or inappropriate behavior.
View Full Text

Suggested Questions

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Timeline
May 20, 2021
Introduced in Senate
May 20, 2021
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
  • May 20, 2021
    Introduced in Senate


  • May 20, 2021
    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Tina Smith

Tina Smith

Democratic Senator

Minnesota

Cosponsors (7)
Amy Klobuchar (Democratic)Jacky Rosen (Democratic)Ben Sasse (Republican)Jon Tester (Democratic)Bill Hagerty (Republican)John Barrasso (Republican)Steve Daines (Republican)

Banking, Housing, and Urban Affairs Committee

Finance and Financial Sector

Related Bills

  • HR 117-2311: Credit Union Governance Modernization Act of 2021
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Administrative remediesBank accounts, deposits, capitalBanking and financial institutions regulationFraud offenses and financial crimes