Sinema Champions Bipartisan Bill Helping Everyday Arizonans Receive Better Services from their Local Credit Unions

Mar 3, 2023

Senator introduced bipartisan legislation that helps Arizonans access banking services to purchase homes, obtain credit, and get ahead

WASHINGTON – Arizona senior Senator Kyrsten Sinema introduced the Credit Union Board Modernization Act – bipartisan legislation that reduces costs and maximizes efficiency to help Arizonans, especially in rural areas, access services from their local credit unions to purchase homes, obtain credit, and get ahead.
“Arizonans, especially in rural areas, rely on their local credit union to achieve their American Dream of buying a home, purchasing a car, or paying for education to get ahead. Our bipartisan bill delivers real results to everyday Arizonans by ensuring they receive better services from their local credit union,” said Sinema.
“If this legislation passes, it will ultimately help credit unions put additional focus on serving the 133 million consumers who’ve chosen credit unions as their trusted financial partners,” said Troy Stang, president/CEO of GoWest Credit Union Association. “Modernizing the governance of credit unions’ charter in a manner that is consistent with the rapidly changing environment for financial services is critical for our future strength and success. It was an honor to work closely with Sen. Sinema last year when she introduced similar legislation, and we are pleased that she has again stepped forward for consumers and their chosen financial institutions.”
“We thank Senator Sinema for working together with Senators Hagerty, Padilla and Tillis on the bipartisan effort to give to give federal credit unions flexibility to free up board time and resources to better serve members,” said Credit Union National Association President/CEO Jim Nussle. “This common-sense bill has broad bipartisan support, as shown by the House’s quick action to advance the bill, and we encourage the Senate to move the bill forward quickly.”
“We commend the introduction of the Credit Union Board Modernization Act in the Senate. We thank Senators Sinema, Hagerty, Padilla, and Tillis for their pro-credit union efforts to recognize the outdated, burdensome requirements placed on smaller, community-based financial institutions from outdated laws. This critical legislation will allow credit unions more flexibility and time to devote attention to serving their 135 million members while helping disadvantaged, underbanked communities who need access to affordable financial products and services. We urge the Senate to quickly pass this legislation,” said National Association of Federally-Insured Credit Unions President and CEO Dan Berger.

Sinema’s bipartisan Credit Union Board Modernization Act modernizes requirements for board meetings of credit unions, which can be costly and have a negative impact on everyday Arizonans who rely on their local credit union for critical banking services, such as paying their bills, obtaining credit, buying a home, and much more.
Arizona credit unions exist to serve their members and their interests by offering access to checking, credit, and depository services. Many credit unions, particularly in rural Arizona, are smaller and have fewer staff. Convening and running a successful board meeting is an important priority for a credit union but also requires substantial investment in time and operating expenses, in both preparing for and running the meeting.
Sinema’s Credit Union Board Modernization Act lowers the cost for credit unions, particularly for those in rural areas, by responsibly reducing the number of required board meetings for high-performing institutions. This reduction in board meetings results in savings for local credit unions, allowing them to offer better services, stay focused on their members, and extend more opportunities to everyday Arizonans.
Sinema’s bipartisan legislation is supported by GoWest Credit Union Association, National Association of Federally-Insured Credit Unions, and Credit Union National Association.